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LONDON, July 31 (Reuters) - BT, Britain's biggest
broadband and mobile operator, reported a 7% drop in both
revenue and core earnings in its first quarter after the
COVID-19 pandemic impacted its BT Sport television revenue and
reduced demand from business customers.
Chief Executive Philip Jansen said BT delivered a strong
operating performance in the quarter, when millions relied on
its networks for home working and schooling, and produced
"relatively resilient" financial results.
He said the company, which pulled its dividend in May to
help weather the unfolding health crisis, had enough visibility
to provide guidance for the year.
"Despite our strong operational performance in the first
three months of the year, it is clear that Covid-19 will
continue to impact our business as the full economic
consequences unfold," he said.
BT said it now expected to produce adjusted core earnings of
between 7.2 billion pounds and 7.5 billion pounds ($9.5-9.9
billion) on 5-6% lower revenue for its 2020/21 financial year.
The outlook steers towards the lower end of analysts'
expectations. They had on average expected core earnings for the
year of about 7.5 billion pounds on revenue down 5.6%, according
to a company-compiled consensus.
($1 = 0.7615 pounds)
(Reporting by Paul Sandle; editing by Kate Holton)
