BT reports first quarter results

Telco reports solid financials

BT posted a modest three per cent year-on-year rise in turnover during the first quarter of the telco giant's new financial year.

Turnover for the quarter was £4.8bn, compared with £4.7bn in the same quarter of 2005. Earnings before interest, tax, depreciation and amortisation (EBITDA) and leaver costs were £1.3bn, up two per cent from the first quarter of 2005. BT also claimed it now has 8.7m broadband customers.

Ben Verwaayen, chief executive of BT, said: "This is a strong all round performance to start the financial year, with the momentum we saw in recent quarters continuing. Revenue has increased for 10 consecutive quarters; EBITDA was up two per cent, an improvement on the rate of growth we achieved last quarter; and earnings per share were up 26 per cent, the 17th consecutive quarter of growth.

"Our international business is expanding strongly and we won more than 200 new customer accounts outside the UK in the quarter. Our first quarter results underpin our confidence in our ability to continue to grow our revenue, EBITDA, earnings per share and dividends this year," added Verwaayen.