Fibre, 5G growth stand out in BT Q1 | Major Businesses | Business | News | Rapid TV News
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Hot on the heels of gaining approval for the creation with Warner Bros. Discovery of a 50:50 Joint Venture (JV) TV sports offering for the UK & Ireland, BT has revealed first quarter results showing strong growth of its core network assets.
BT logo corporate 18Aug2021
For the three-month period ended 30 June 2022, revenue inched up 1% on an annual basis to £5.1 billion, due to improved pricing and trading in the Consumer and Openreach divisions. Adjusted EBITDA was £1.9 billion, up 2% primarily due to flow through from revenue and cost control while reported profit before tax was £500 million, down 10% annually due to increased depreciation offsetting EBITDA growth.

Reported capital expenditure was down 17% to £1.3 billion, due to prior year investment in spectrum while capital expenditure excluding spectrum payments rose 24% on an annual basis to £1.3 billion, primarily due to increased investments on the build and provision of fibre-to-the-premises (FTTP) networks in addition to cost inflation.

The fibre build and connection growth were among the highlights in the quarter, and were, said BT, beyond expectations with record quarterly FTTP build of 763,000 and net adds of 302,000. The 5G ready base at the company’s EE mobile network now stood at 7.7 million.

“BT Group has made a good start to the year; we’re accelerating our network investments and performing well operationally. Despite ongoing challenges in our enterprise businesses, we returned to revenue and EBITDA growth in the quarter,” said BT chief executive Philip Jansen commenting on the Q1 2022 results. “The modernisation of BT Group remains on track. We are delivering and notwithstanding the current economic uncertainty we remain confident in our outlook for this financial year.”