UK-based BT Group has published its financial results for the six months ended 30 September 2023, reporting revenue of GBP10.41 billion (USD12.6 billion), broadly flat against the GBP10.40 billion it recorded in the corresponding period a year earlier. According to the company, however, adjusted pro forma revenue was up 3% year-on-year ‘due to increased fibre-enabled product sales, inflation-linked pricing and improved lower margin trading in Business partially offset by legacy product decline’.
With regards to other key financial metrics, BT Group reported adjusted EBITDA of GBP4.09 billion for H1 FY24, up from GBP3.87 billion a year earlier, while pre-tax profit and net profit totalled GBP1.08 billion and GBP844 million, respectively (H1 FY23: GBP831 million and GBP893 million).
In terms of operational highlights, BT Group said that network unit Openreach had overseen a notable increase in the number premises passed by its full fibre network, with 860,000 homes and businesses reached in the three months ended 30 September 2023. On the back of such work, the company’s fibre-to-the-premises (FTTP) network was confirmed to cover 11.852 million premises at 30 September 2023, while BT noted that this figure has already increased further, to 12.5 million as of the time of its financial results reporting. Fibre uptake remains ‘strong’ it added, with the company reporting a total of 3.871 million FTTP lines in service for Openreach, while BT’s retail FTTP base grew 48% y-o-y, to 2.080 million.
In the mobile sector, meanwhile, EE increased 5G population coverage to 72% by the end of the reporting period, while 5G retail connections – defined by the company as being ‘the number of EE consumer customers receiving 5G network connection from a 5G enabled SIM – increased to 8.953 million as of end-September 2023, up from 6.453 million a year earlier.
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