Despite seeing unprecedented quarterly growth in its fibre-to-the-premises (FTTP) base, from 155,000 to 1.6 million, and its 5G-ready base now extending to 60% of the UK population, BT reported disappointing third quarter results with year-on-year revenue. And with diminishing returns.
For nine months from 31 December 2022, BT posted revenues of £15.6bn, down one percentage point on a year-on-year basis. This was attributed to price increases and improved trading among consumers Openreach broadband provision The line was offset by lower strategic equipment sales at Global, MVNO customer migration, BT Sport revenue removal and legacy product declines. for this Sports Joint Venture (JV) with Warner Bros. DiscoveryPro forma adjusted revenue increased by £65m.
Adjusted EBITDA at the end of the first three quarters of the financial year was £5.9bn, up 3% on 2021, and said adjusted EBITDA on a sports JV pro forma basis due to tighter cost controls and the removal of BT Sport costs, offset by lower revenue and inflationary costs. % increased.
Reported capital expenditure (capex) in the nine months was £3.9bn, up 3% due to increased investment in Openreach fixed network infrastructure offsetting the previous year’s investment. EE Mobile Spectrum for Business. Capex excluding spectrum payment toteAlLed to £4.1bn, up 19% on the same period in 2021. Total r of BTPre-tax profit was £1.3bn, down 15% due to increased EBITDA offsetting increased depreciation..
Citing highlights for the reporting period, BT noted that810’s ecord FTTP build,000 Pass the premises Third quarter of 2022 Average build rate is 62,000 every week, with 38% The Construction completed inside it The goal is to reach 25 million homes and businesses with full fiber by December 2026. Customer demand for FTTP was described as Very strong, with orders of 51% year-on-year growth and a to accept–Up rate which is 29% increase with net addition of 324,000 Quarterly, as well as broadband rental ARPU rose 7.6% year over year.
BT emphasized that Openreach has announced enhanced discounts for FTTP connection and rental charges, from April 2023, to support accelerated FTTP adoption. service, with 1.2Gbps and 1.8Gbps products turn on
Commenting on the results, BT chief executive Philip Janssen said that despite a challenging economic context, the company is transforming the BT Group to benefit its customers. “We continue to accelerate our investment in the UK’s next generation networks,” he said. “Complete–Fibre, we’re building – and now connecting – like a rage: 9.6 million premises have been reached so far, 29% are already connected and our 5G mobile network now reaches 60% of the UK population.”