RE: Positive Results27 Jul 2023 07:26
Market should like these results 10p + adding on dips.
Continued pro forma revenue and EBITDA growth:
• Pro forma adjusted1 revenue £5.2bn, up 4% on Q1 FY23 due to increased fibre-enabled product sales and price increases in Openreach, increased service revenue in Consumer with 2023 annual contractual price rises being aided by higher FTTP base and higher roaming, and improved equipment trading in Business, offset partially by legacy product declines; reported revenue was up 1%
• Pro forma adjusted1 EBITDA £2.0bn, up 5% with revenue flow through and cost control more than offsetting cost inflation; Business EBITDA decline due to increased input costs and legacy high-margin managed contract declines
• Reported profit before tax of £536m, up 11% primarily due to EBITDA growth partially offset by specific items