BT: Glacially improving outlook

Report Overview

BT: Glacially improving outlook

Already a Subscriber? Login here to view Full Report

BT: Glacially improving outlook
BT’s revenue growth remained very suppressed in the September quarter at -7%, with a limited COVID-19 recovery chocked off by seasonal roaming effects and regulator-inspired pricing forbearance


Short-term uncertainty, long term more robust

Revenue decline persists, but cost control helps EBITDA

Broadband volumes turning healthier

Consumer revenue growth hit by pricing forbearance

Mobile steady—roaming worse, other COVID-19 better

Openreach recovers connection and fibre build pace

Guidance uplifted short and longer-term



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: BT Consumer fixed operating performance

Figure 8: Broadband entry-level dual-play pricing, new customers (£/month)

Figure 9: Broadband high-speed pricing, new customers (£/month)

Figure 10: BT’s mobile operating performance

Figure 11: Openreach revenue growth

Figure 12: Openreach FTTx net adds

Figure 13: Openreach FTTP net adds