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(Alliance News) - BT Group PLC on Thursday reaffirmed its full year guidance reporting a rise in revenue and profit in its first quarter.
BT, the London-based telecommunications company, said its first quarter ended June 30 adjusted group revenue was GBP5.16 billion, a 4.0% rise from GBP4.98 billion at the same time the prior year. The company said this was due to an increase in fibre-enabled product sales and price increases in Openreach, as well as increased service revenue in its Consumer sector.
First quarter reported pretax profit increased by 11% to GBP536 million compared to GBP500 million, principally due to Ebitda growth.
Adjusted earnings before interest, tax, depreciation and amortisation was GBP2.03 billion, a 5.0% rise on GBP1.95 billion at the same point the year before, with cost control more than offsetting cost inflation.
Chief Executive Philip Jansen said: "We've made a strong start to the year, in what remains a very competitive market, with improved customer satisfaction, pro forma revenue growth in all of our business units and pro forma group earnings before interest, tax, depreciation and amortisation was up by 5%
"We continue to drive transformation across the group, while there remains much to do it's clear that our strategy is working and BT Group is set up for success."
BT said that pro forma adjusted revenue to date was GBP5.2 billion, a 4.0% increase on the first quarter due to product sales, which it said was due to fibre-enabled product sales and price increases in Openreach.
The company reconfirmed all its financial 2024 outlook metrics.
Shares in BT Group were down 2.0% at 123.92 pence in London on Thursday morning.
By Will Neill, Alliance News reporter
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