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☆ BT rises after quarterly earnings beat forecasts
▼ + stars: | 2023-11-02 | by ( ) www.cnbc.com time to read: +1 min

A BT Group Plc logo on a EE/BT Group Plc store in London, UK, on Wednesday, May 17, 2023. BT Group, Britain's biggest broadband and mobile provider, posted a second quarter earnings beat and forecast annual cash flow at the top end of a range, lifting its shares in a parting boost for outgoing CEO Philip Jansen. Shares in BT jumped 5% in early deals, good news for Jansen who is due to step down early next year and has long said he has been disappointed by the group's stock performance. Her job will be to complete Jansen's multi-billion pound push into fibre networks and extending 5G networks, the cost of which has hit free cash flow and weighed on the share price. For the three months to the end of September, BT posted a 3% rise in adjusted core profit (EBITDA) to 2.06 billion pounds ($2.51 billion) beating the 2.03 billion pounds consensus forecast.

Persons: Philip Jansen, Jansen, Hargreaves, Matt Britzman, Allison Kirkby, Sweden's Organizations: BT, BT Group Plc, BT Group Locations: London

☆ BT maintains 2024 outlook after Q2 core profit beat
▼ + stars: | 2023-11-02 | by ( ) www.reuters.com time to read: +1 min

Nov 2 (Reuters) - BT Group (BT.L), Britain's biggest broadband and mobile provider, posted second quarter earnings slightly ahead of forecasts putting it on track to meet 2024 guidance, in one of the outgoing CEO's final announcements. Strong cost controls helped BT post a 3% rise in adjusted core profit (EBITDA) to 2.06 billion pounds ($2.51 billion) for the three months to the end of September, beating the 2.03 billion pounds consensus forecast. "These results show that BT Group is delivering and on target: we're rapidly building and connecting customers to our next generation networks, we're simplifying our products and services," Jansen said in a statement on Thursday. The quarterly result meant BT maintained its outlook to grow revenue and profits for its current 2024 financial year, and the group said it expected free cash flow towards the top end of its 1 billion to 1.2 billion pound range. ($1 = 0.8215 pounds)Reporting by Yadarisa Shabong in Bengaluru and Sarah Young in London; Editing by Savio D'Souza and James DaveyOur Standards: The Thomson Reuters Trust Principles.

Persons: Allison Kirkby, Sweden's, Philip Jansen, Jansen, Yadarisa, Sarah Young, Savio D'Souza, James Davey Organizations: BT, Britain's, Sweden's Telia, Thomson Locations: Bengaluru, London

SummaryCompanies BT boss who spearheaded fibre roll-out to step downJansen simplified former monopoly, retreated from sportsShares nearly halved under his tenureLONDON, July 10 (Reuters) - BT (BT.L) Chief Executive Philip Jansen will step down within the next year, having set plans in motion for Britain's biggest telecoms provider to cut jobs, become leaner and complete the roll-out of a national fibre network. Jansen had informed BT's board of directors that he plans to leave at "an appropriate moment" within the next 12 months, BT said on Monday. Since early 2019, Jansen has steered BT through a crucial period in its 177-year-history, secured funding for a national fibre network for 25 million homes and businesses and handled the arrival of billionaire investor Patrick Drahi on the shareholder register. "We suspect investors will find this transition a little premature given the fruits of BT's fibre investments have still yet to be proven out," analysts at J.P.Morgan wrote in a client note. Analysts named BT's consumer brands boss Marc Allera and Allison Kirkby, a BT board member and chief executive of Sweden's Telia, as possible successors.

Persons: Jansen, Philip Jansen, BT's, Patrick Drahi, J.P.Morgan, Adam Crozier, Marc Allera, Allison Kirkby, Sweden's, Sarah Young, Kate Holton, Sharon Singleton Organizations: BT, Britain's, Discovery, Deutsche Telekom, Ofcom, Thomson Locations: France, United States, Portugal, Israel

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