Rns2 Feb 2023 07:24
Revenue £15.6bn, down 1% as price increases and improved trading in Openreach and Consumer were offset by lower strategic equipment sales in Global, migration of a MVNO customer, removal of BT Sport revenue, and legacy product declines; on a Sports Joint Venture ('JV') pro forma1 basis adjusted revenue was up £65m
• Adjusted1 EBITDA £5.9bn, up 3% due to tight cost control and the removal of BT Sport costs, offset by revenue declines and inflationary cost pressures; on a Sports JV pro forma1 basis adjusted EBITDA was up 2%
• Reported profit before tax £1.3bn, down15% due to increased depreciation offsetting EBITDA growth
• Reported capital expenditure (capex) £3.9bn, up 3% due to increased Openreach investment in fixed network infrastructure offsetting prior-year investment in spectrum; capex excluding spectrum payments up 19%; cash capex was £4.1bn, up 19%; significantly lower capex in Q4 given unwind of Openreach work in progress
• Normalised free cash flow1 £0.1bn, down £0.8bn due to increased cash capex and adverse working capital phasing primarily driven by collections timings, partially offset by a tax refund and EBITDA growth
• Net debt was £19.2bn, £1.2bn higher than at 31 March 2022 with normalised free cash flow more than offset by pension scheme contributions and payment of the final dividend