BT earnings up on broadband growth


BT earnings up on broadband growth
BT reported a three per cent rise in underlying first quarter earnings today as the telecoms giant continues to grow its share of the UK's "competitive" broadband market.

The company's underlying earnings climbed to £658 million in the three months to June 30th, in line with expectations.

Revenues were also up three per cent to £5.03 billion.

Overall new wave revenue, sales largely relating to networked IT services and broadband, climbed 11 per cent over the quarter to £1.82 billion. In the consumer telecoms market it grew by 21 per cent, compensating for a five per cent slump in BT's traditional revenue as the company seeks to reduce its dependence on income gained from services such as fixed line phone provision.

BT's broadband revenue rose 19 per cent to £540 million in the first quarter, with the company revealing that it had signed up an additional 459,000 customers during the period, taking a 38 per cent share of the net additions to the market.

Commenting on the results, BT chief executive Ben Verwaayen said that the company had made a "strong start" to the year "with another robust all round performance".

"We are keeping BT ahead of the game by delivering software driven services that will offer faster, more resilient and cost effective services to our customers wherever in the world they are," he added.

BT said that it would pay a final dividend of ten pence a share on September 17th.

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