Format: Mar 2018
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BT Q1 2016/17 results: Not shabby

BT Group’s revenue growth was roughly unchanged in the quarter at 0.4%, with continued strong consumer growth mitigated by regulated and structural challenges in the rest of the Group

Both broadband and superfast broadband adoption is slowing, but BT is compensating with improving market share for the former, and the prospect of further uplifts from ultrafast for the latter

Regulatory uncertainties are likely to continue to weigh, with the current Openreach debate to be closely followed by the not-exactly-unimportant issue of copper and fibre pricing/regulation from April 2017

  • BT
  • EE
Fixed Line, Mobile, Telecoms 4 August 2016
BT Q1 2017/18 results: Back to growth (for now at least)

BT Group revenue returned to growth, at least temporarily, helped by overlapping price rises in consumer, one-off regulated price cuts on leased lines annualising out, and mobile handset sales improving

Regulatory news was unusually positive, with Openreach taking the initiative on FTTP, and BT winning an appeal against damaging leased line regulation, which may end up being significantly eased

BT continues to do well in consumer and struggle in business markets, with the ongoing deceleration in the consumer broadband market the main cloud on the horizon


  • BT
  • EE
Fixed Line, Media, Mobile, Telecoms, UK Media 9 August 2017
BT Q2 2010/11 results: digging in

Group performance to September was affected by increased investment in fibre and other defensive measures, as expected

Despite strong retail broadband subscriber growth, the core business remains under siege. High speed broadband should – eventually – provide an effective defence, but not much more

The Global Services turnaround is continuing, and further progress at GS supported by improving stability in the rest of the group should enable new guidance to be met

  • BT
Fixed Line, Telecoms 15 November 2010
BT Q2 2011/12 results: light before the dawn?

BT reported its eighth successive quarter of strong growth in broadband volume and is aiming to complete deployment of next generation access one year early, yet within existing capex guidance for the group

Progress at Global Services and BT Wholesale is continuing, but remains very gradual

We continue to expect guidance for the current financial year to be met, though not significantly exceeded. But broadband momentum and excellent cost control suggest the prospects for FY2012/13 are improving

  • BT
Fixed Line, Telecoms 7 November 2011
BT Q2 2012/13 results: Revenue slows, cost cutting compensates

BT Group revenue growth disappointed at the reported level, dropping from -6% to -9%, but adjusting for a series of one-offs underlying growth only dropped from -3.2% to -3.6%, easily made up for by another quarter of strong cost reductions Broadband net adds were again a little weak, with weather-related repairs slowing new line installations, but BT’s share held up well, at least against its fellow DSL operators Fibre-based connections continued to grow and BT further accelerated its build-out plans, with this (and not TV) holding the key to stabilising ARPU and increasing wholesale revenue in the years ahead

  • BT
Fixed Line, Telecoms, TV, Media 6 November 2012
BT Q2 2013/14 results: Gathering momentum

BT’s subscriber and revenue results continued to show strong progress, with its consumer business gathering momentum even excluding the direct impact of BT Sport

BT Sport had a discernible impact, but this was modest given the spend levels involved. However, the negative impact will only improve from this point, with BT sounding cautious about bidding for new rights

Fibre growth has at last started to accelerate at BT’s competitors, with the potential wholesale revenue from this truly game-changing for BT

  • BT
Fixed Line, Telecoms, TV, Media 4 November 2013
BT Q2 2014/15 results: Competition bites, but BT is resilient

BT faced a more intense battle in the broadband market in the September quarter, and lost some net adds share, but retained its #1 spot and is still growing well

Revenue growth fell at both the group and consumer level, but this was largely due to the BT Sport direct revenue benefit annualising out, with growth excluding this actually improving a touch

The flip side of this is that the negative cost impact is also annualising out, and cost reduction in the quarter looks weak in this context, but this is likely due more to discretionary spend on new products than a lack of costs to cut

  • BT
Fixed Line, Telecoms 4 November 2014
BT Q2 2015/16 results: Sport distorts, but underlying results strong

The launch of BT Sport Europe pushed up BT’s revenue and pushed down EBITDA in its Q2 results, but underlying revenue growth was strong across all divisions and cost control continued, with the company well on track for its full year guidance

BT Sport itself is being executed well, both in terms of viewers and direct revenue earned, but is not having a discernable impact on broadband figures, nor a game-changing impact on BT’s modest pay TV base, despite its very considerable net cost

On the regulatory side, BT has secured a strong result with the EE merger being provisionally approved without remedies, but debates over the future of Openreach continue, with the related issue of ultrafast roll-out regulation of particular import

  • BT
Fixed Line, Telecoms 5 November 2015
BT Q2 2016/17 results: Strong results, but regulation weighs

BT had a strong quarter for revenue growth, improving to over 1%. This was helped by some temporary factors, but underlying trends look nonetheless strong across the board

Network development looks strong, with pilot pricing announced and development on track, selective FTTP builds gaining momentum, and mobile coverage and speed capabilities accelerating

Despite this, or perhaps because of it, the regulatory outlook is as murky as ever, with Openreach’s future structure still not resolved, spectrum auction rules still to-be-decided, and rulings on copper and fibre pricing from April 2017 heavily delayed

  • BT
Media, Mobile, Telecoms 3 November 2016
BT Q2 2017/18 results: Unresolved issues

BT Group revenue growth dipped to -1.5% from an instance of rare modest positive growth in the previous quarter, albeit mostly due to a predicted price timing effect in Consumer and revenue growth predictably going from bad to worse in Global Services

The bright spots were continued strong 4% revenue growth at EE, with an acceleration in mobile-related revenue also helping other divisions, and strong growth of 5% in external revenues at Openreach driven by accelerating fibre adoption by competitor customers

A number of very important regulatory/policy/legal issues remain unresolved, including 5G spectrum auction rules, leased line pricing, FTTC pricing and FTTP roll-out rules, but without a number of these going BT’s way the outlook remains tough for at least the next 18 months

  • BT
  • EE
Fixed Line, Media, Mobile, Telecoms, TV, UK Media 10 November 2017
BT Q3 2010/11 results: BTGS on the level; fibre investment continues to impact group

BT Global Services is generating cash ahead of schedule and the company’s strategy for defending the core business is gaining traction

Group performance continues to be affected by increased capital expenditure due to investment in next generation access

The company is on track to meet guidance, although prospects for further upside remain limited

  • BT
Fixed Line, Telecoms 7 February 2011
BT Q3 2011/12 results: reasonable progress, on balance

BT’s results for the December quarter saw continuing trends of gradual improvement at BT Retail and efficient deployment of next generation access at Openreach, plus strong control of unallocated property costs, enabling management to issue slightly improved group-level guidance for the current financial year to March

Cash flow growth at group level continued to be compromised by the cost of overseas expansion at Global Services and a continuing shift to LLU and IP-based services at BT Wholesale

Improved guidance suggests that progress at Retail and Openreach is sufficiently strong to generate positive, if modest growth in cash flow at group level, despite the slower pace of improvement at other divisions and a challenging economic environment

  • BT
Fixed Line, Telecoms, Internet, Media 6 February 2012
BT Q3 2012/13 results: Fibre take-up accelerates, but sports costs loom

BT had a very solid quarter, with revenue growth improving, broadband subscriber net additions bouncing back, ARPU robust and cost control still strong

Fibre net adds were particularly impressive, with take-up accelerating from an already high level, with this perhaps now starting to help stabilise ARPU

Progress on TV has been more mixed, with plenty of costs being added but no deals having been made yet to help offset this with revenue

  • BT
Fixed Line, Telecoms 5 February 2013
BT Q3 2013/14 results: Solid performance but no thanks to Sport

BT grew both its Group level and consumer retail revenue for the first time in years, and while the extent of growth was flattered by one-off factors, growth is still positive on an underlying basis, an impressive achievement indeed for a European fixed incumbent

This is mainly driven by robust pricing, declining line losses, and continuing fibre adoption, with the indirect impact of BT Sport still hard to discern, but the direct impact absorbing all of BT’s hard won cost reduction gains to leave EBITDA flat

The outlook is positive in that BT can achieve its current financial guidance even with the millstone of BT Sport costs, but the uncertain outcome of the next Premier League rights auction casts a shadow on prospects thereafter

  • BT
Fixed Line, Telecoms 3 February 2014
BT Q3 2014/15 results: Fibre evolves

BT Group revenue growth dropped to -1%, but entirely due to one-off factors, with its consumer division accelerating underlying growth and roughly maintaining broadband net adds share

Fibre net adds had a record quarter, driven by growth at Sky/TalkTalk et al, and BT is trialing the next generation of high speed broadband which could sustain profitable wholesale revenue growth for years to come

Upcoming developments over consolidation, quad play and sport rights are likely to continue to dominate the headlines, but it is growing capacity demand and BT’s ability to meet this that will drive BT’s long term value

  • BT
Fixed Line, Telecoms 3 February 2015
BT Q3 2015/16 results: Fibre-driven accelerating revenue

BT Group’s revenue growth accelerated to 4.7% in Q3; while this was helped by some beneficial one-offs, including the TalkTalk cyber-attack, the underlying trends also looked strong across all divisions

Fibre adoption had a record quarter, with growth particularly apparent at BT’s DSL competitors, helping to drive Openreach’s external revenue growth to 7%

BT completed the purchase of EE at the end of January, and BT will keep EE separate for consumer but fully integrate for business. We are sceptical of consumer-side revenue synergies, but the business side and cost synergies will significantly benefit going forward

  • BT
Fixed Line, Telecoms 5 February 2016
BT Q3 2016/17 results: Strong core, let down elsewhere

BT had a solid enough quarter, with revenue and EBITDA growth dipping due to pre-warned temporary factors, consumer continuing to outgrow business, and very solid operating trends evident, especially in high speed broadband and mobile

This has of course been entirely overshadowed by the profit warning, with prospective weaknesses in UK public sector and international corporate of far more concern than the contained, albeit surprising, accounting irregularities in Italy

BT has a large share of revenue and a much smaller share of profit from corporate/government data network/IT services, which are erratic in nature and arguably in long term decline in their current form, and without major changes they will continue to be so

  • BT
  • EE
Fixed Line, Non-UK Media, Non-UK Telecoms, Media, Mobile, Non UK Media, Technology, Telecoms, TV, UK Media 1 February 2017
BT Q3 2017/18 results: Under pressure

BT Group revenue growth held steady at -1.5% during the quarter, but this was helped by some recovery in the (still declining) Global Services division, with weaknesses appearing in a number of other areas

BT Consumer is of particular concern, with revenue growth turning negative as a result of declining volumes and weak ARPU growth, which are driven by industry-wide trends that are hard for BT to avoid

Looking forward, the March quarter will be flattered by an overlapping price rise at BT Consumer, but thereafter pressures will resume, with few obvious sources of upside on the horizon

  • BT
  • EE
Fixed Line, Media, Mobile, Telecoms, UK Media 8 February 2018
BT Q4 2010/11 results: guidance met but fundamental outlook unexciting

BT met its full year guidance for the second year running, but new guidance reflects the weak revenue outlook and limited potential for further cost reduction

Group performance continues to hinge on capex levels, in particular deployment of next generation access, scheduled to continue until 2015

BT is not a financial basket case doomed to be eaten alive by mobile, satellite, cable or internet-based alternatives. But nor does it look like a huge growth story

  • BT
Fixed Line, Telecoms 15 May 2011
BT Q4 2012/13 results: Revenue very strong, costs to be hit by Sport

BT’s underlying revenue growth improved from -3% last quarter to around zero at both the Retail and Group level, its best performance for years, with high speed broadband helping to stabilise ARPU

BT Sport is positioned well as a defensive/win-back product against broadband losses to Sky, but BT’s ability to win triple play subscriptions off Sky is still hampered by lack of content, and the cost appears disproportionate to its aims

Fibre adoption continued to accelerate, with some important upcoming regulatory decisions the only potential barrier to fibre giving BT a very strong boost over the next few years

  • BT
Telecoms, Fixed Line 14 May 2013