BT Q3 2018/19 results: Openreach stronger than it looks, but Consumer slowing

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BT Q3 2018/19 results: Openreach stronger than it looks, but Consumer slowing

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BT Q3 2018/19 results: Openreach stronger than it looks, but Consumer slowing
BT’s Q3 results were a little mixed, with mobile particularly weak, but the company remains on track to meet/exceed its (fairly conservative) guidance for the current year, and hit (modest) consensus expectations for 2019/20
Openreach was very weak at the headline level (-9%), but stripping out an accounting effect and internal revenue the division grew by 2% by our estimates despite significant price cuts, and full fibre roll-out is progressing well
While Openreach should accelerate this year, Consumer will be hit by a price rise holiday and slowing mobile, with investors likely having to wait for existing sports rights contracts to play out to see significant profitability improvement