BT: A bumpy road

Report Overview

BT: A bumpy road

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BT: A bumpy road


Mixed quarter, short-term bumps, longer-term promise

Launch of Digital has its risks

Revenue growth improves, but EBITDA worsens

Broadband volumes booming, but due to price aggression

Consumer fixed revenue still declining sharply

Mobile still weak, will get worse before better

Openreach recovers, fibre building nicely

Ofcom statement looms, responses are key

Guidance maintained, which is good in context


Figures and Tables

Figure 1: BT Group revenue and EBITDA growth Figure 2: Revenue growth Figure 3: BT Group revenue and EBITDA growth Figure 4: Year-on-year absolute change in EBITDA (£m) Figure 5: Broadband net adds (000) Figure 6: Consumer fixed monthly churn Figure 7: Broadband entry level dual-play pricing, new customers (£/month) Figure 8: Broadband high speed pricing, new customers (£/month) Figure 9: BT Consumer fixed operating performance Figure 10: Q3 fixed revenue decline causation breakdown Figure 11: BT’s mobile operating performance Figure 12: Openreach revenue growth Figure 13: Openreach FTTP net adds Figure 14: Openreach ultrafast coverage premises net adds (000) Figure 15: BT Group guidance and results