BT reported revenue of £4,783 million, up 5% in the quarter. Group operating profit before specific items1 was £648 million, up 10%, and earnings per share before specific items was 4.5 pence, up 25%.
“This has been a great first quarter and builds on the momentum we have seen gathering for more than a year,” said Ben Verwaayen, BT’s Chief Executive. “The transformation of the business is delivering real value to our customers and shareholders.”
BT posted strong growth in new wave revenue at £1,385 million, up 48% over last year. New wave revenue accounted for 29% of the group’s revenue compared to 20% in the same quarter of last year.
Consumer revenue in the quarter was 6% lower (5% lower excluding the impact of reductions to mobile termination rates). New wave consumer revenue increased by 67%, driven by the continuing growth of broadband and mobility.
As of 30-June-2005, BT was serving 5.6 million broadband end users, of which BT Retail was serving 1,940,000 connections.
Net additions for BT Retail in the quarter were 188,000, representing a 28% share of the broadband DSL additions in the quarter.
BT’s net debt stands at £8,121 million, 4% lower than the previous year, including additional finance lease liabilities recognised under IFRS.
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