BT Q2 2018/19 results: Beating expectations, guidance still looks (a little) conservative

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BT Q2 2018/19 results: Beating expectations, guidance still looks (a little) conservative

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BT Q2 2018/19 results: Beating expectations, guidance still looks (a little) conservative
BT’s Q2 results were well ahead of both its full year guidance run-rate and financial market expectations, with revenue flat and EBITDA up 3% versus guidance and consensus at -2% for both metrics 
Operating metrics were more mixed, with broadband churn high and (our estimate of) net adds low, but fixed ARPU was solid, backed up by rapid adoption of BT Plus, fibre adoption re-accelerated and mobile was strong across all metrics
While part of the outperformance was likely due to H1/H2 phasing, it also reflects fairly conservative expectations and a solid operating performance, and hence full year guidance still looks very beatable, with a positive outlook beyond this