Member Info for fleccy

Vodafone and Lloyds are currently up 2.25% and 2.09% respectively, so there's definitely some macro thrown into the mix.

Any dividend increases would be added to the Final, with next years interim set at 30% of this years Final. I doubt they'll increase the dividend while they're directing capex into FTTP and 5G rollouts. Probably be a couple of years before we see any dividend increases.

The results are good and the market's ignoring the increase in Net Debt, which is also good; The volumes are a bit uninspiring though, I'd have expected more volume with 5% plus rise.

"We are today declaring an interim dividend of 2.31 pence per share (pps) (FY22: 2.31pps), which is 30% of last

year’s full year dividend, in line with our policy.

• We reconfirm our progressive dividend policy which is to maintain or grow the dividend each year whilst taking

into consideration a number of factors including underlying medium-term earnings expectations and levels of

business reinvestment.

• The Board expects to continue with this policy for future years, and to declare two dividends per year with the

interim dividend being fixed at 30% of the prior year’s full year dividend."

"Adjusted1

Revenue and EBITDA growth:

• Reported revenue £10.4bn, in line with the prior year; adjusted1

revenue £10.4bn, up 3% on a pro forma2

basis

due to increased fibre-enabled product sales, inflation-linked pricing and improved lower margin trading in

Business partially offset by legacy product declines

• Adjusted1

EBITDA £4.1bn, up 6%; and up 4% on a pro forma2

basis with revenue flow through and strong cost

control more than offsetting cost inflation and one-off items in the prior year; Business EBITDA decline due to

increased input costs and legacy high-margin managed contract declines

• Reported profit before tax £1.1bn, up 29% largely due to factors driving adjusted1

EBITDA growth

• Reported capital expenditure ('capex') £2.3bn, down 11% with lower fixed network spend driven by lower FTTP

build unit costs; cash capex of £2.5bn also down 11%

• Net cash inflow from operating activities £2.3bn; normalised free cash flow1

£0.5bn, up £0.4bn primarily due to

£0.2bn increase in adjusted EBITDA1

and £0.3bn decrease in cash capital expenditure partly offset by £(0.1)bn

net working capital outflow; net working capital movements includes £359m from the sale of cash flows of

contract assets relating to mobile handsets as well as £(220)m from lower utilisation of a supply chain financing

programme

• Net debt £19.7bn, (31 March 2023: £18.9bn), increasing mainly due to pension scheme contributions with net

free cash flow for the first half of FY24 substantially offsetting the payment for the final dividend of FY23

• Gross IAS 19 deficit of £3.9bn, up from £3.1bn at 31 March 2023 mainly due to the increase in real interest rates

and narrowing of credit spreads over H1, partly offset by deficit contributions

• Interim dividend for FY24 of 2.31 pence per share (pps) in line with our policy of paying 30% of prior year's full

year dividend

• FY24 Outlook: Adjusted1

revenue and EBITDA growth on a pro forma basis; capital expenditure excluding

spectrum of around £5.0bn; normalised free cash flow towards the top end of £1.0bn-£1.2bn range."

https://www.bt.com/bt-plc/assets/documents/investors/financial-reporting-and-news/quarterly-results/fy24/h1/bt-group-h1-fy24-release.pdf

"Continued strong execution of our strategy

• FTTP build rate accelerated to 66k per week delivering a record of 860k premises passed in the quarter, FTTP

footprint is now expanded to 12m premises with a further 6m where initial build is underway

• Strong customer demand in Openreach for FTTP with net adds of 364k in Q2, bringing take-up rate to 33%

• Openreach broadband ARPU grew by 10% year-on-year due to price rises and increased volumes of FTTP;

Openreach broadband line losses of 255k in H1, a 1% decline in the broadband base; whilst we continue to target

a decline of around 400k in FY24, softer market conditions increase the risk that losses will be above this level

• Consumer broadband ARPU for the year to date increased 4% year-on-year and Consumer postpaid mobile

ARPU for the year to date increased 9% year-on-year; churn for the year to date remains stable for both

broadband and postpaid mobile at 1.1% and 1.0% respectively

• In October 'New EE' was launched with a modern digital platform and a set of converged products and services

• Retail FTTP base grew year-on-year by 48% to 2.2m of which Consumer 2.1m and Business 0.1m; 5G base 9.9m,

up 42% year-on-year

• Cost transformation on track with gross annualised cost savings of £2.5bn since April 2020 against our £3bn

target, with a cost to achieve of £1.3bn against a target of £1.6bn

• Continued focus on creating standout customer experiences with BT Group NPS of 22.7, up 1.8pts year-on-year"

"It’s a narcacistoc trait to imagine that you alone have all the answers "

What a fantastic word, narcacistoc, they should definitely replace narcissistic with it.

Narcacistoc Personality Dis-odour just rolls off the tongue. Nar-Cac-istoc, could possibly be used to describe a mental condition associated with toilet smells, maybe? Probably not.

The only reason BTC's hit $35k is due to the FED holding on interest rate rises, and the only reason it was sitting above $34k recently is entirely due to Spot ETF speculation. BTC's price is based on hype and a little bit of help from the fanboy's, it peaked in 2021 and has struggled since. As I've stated previously, the ETF's are about pulling cash in through the backdoor and if they get approved and BTC rises as a result, it'll only be a matter of time before it crashes and burns, probably after the overinvested Whales have bailed.

Gibson, as to why QBT haven't tested on the live bitcoin network, and produced real world results, has been discussed in many threads but remains a mystery.

If big miners were going to use SaaS, it would make most sense to give the miner a dedicated secure QBT server co-located within the mining facility, but there was no mention of that unless I missed it?

🙈🙉🙊

"Seems the Miners were impressed enough testing on SaaS that they express interest in the QBT server/cloud option, hence why we are on very advanced negotiations!"

Where has QBT's releases/announcements say that?

Has he sold out, or is he still holding 8 Million plus shares?

Anyone have any thoughts on the price action tomorrow?

BT issued an €850m Bond in September, that'll show up in the latest results unless it's offset by a reduction in lease liabilities, or debt elsewhere. I expect the market commentary will pump the increased debt narrative, as they have in the past, and use it to justify dropping the stock price. The other variable that might impact tomorrow's price action is the direction of the market, with any changes in the debt profile ignored since the market should be well aware of it and already priced it in.

The Bitcoin Network is currently processing 462 Million Trillion Hashes per second. Difficulty is currently 62.46 T and is in a steadily upward trajectory, with the current winning hashes requiring 19 leading zero's. The higher the difficulty level the more processing required to find a winning hash, since each difficulty increase reduces the quantity of possible nonces to achieve a winning hash below the target hash.

How does QBT's software cope with increases in difficulty? And does QBT's software require more computing power as the Nonce range shrinks? The animations didn't reflect current network difficulty and hash rates, so it's unclear if QBT's software will perform in the current environment.

NO BID

"I cannot believe I am reading this nonsense YET AGAIN"

Believe it Baby, I just said it.

"it doesn't show the effect of buybacks."

In my opinion it does, it combines the effects of buybacks and share issuances, showing the overall trend. In the end the only thing that really counts are the number of shares in issue.

Cas, It increases the EPS but I sort of agree with you. If they want to reduce the shares in issue, they could do a reverse split and proportionally increase the dividend; It'd be a zero sum game financially for investors, but it'd reduce volatility.

It's just to track the effect of buybacks vs new shares issued. I'd prefer dividends rather than buybacks.