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LONDON, Oct 29 (Reuters) - BT, Britain's biggest
fixed-line and mobile operator, said it had delivered a strong
operational performance in the first half given the challenges
of COVID-19 as it raised the lower limit of its earnings
guidance for the year.
The company on Thursday reported an 8% drop in revenue to
10.59 billion pounds ($13.8 billion) and a 5% fall in adjusted
earnings to 3.72 billion pounds, broadly in line with
expectations.
Chief Executive Philip Jansen said the performance had given
it confidence to raise the lower end of its earnings outlook for
the year from 7.2 billion pounds to 7.3 billion pounds, with the
upper end staying at 7.5 billion pounds, and forecast earnings
of at least 7.9 billion pounds for 2022/23.
"This growth will be driven by the continued recovery from
COVID-19, enhanced by sales of our converged and growth
products, and by significant savings from our modernisation and
cost saving programme," he said.
"In combination these factors will more than offset legacy
product declines."
($1 = 0.7673 pounds)
(Reporting by Paul Sandle; editing by Sarah Young)