BT revenue rises 35% but writes down £145m for Italy errors

BT has reported revenue of £6bn, a 35% year on year increase, for the three months to 30 September.

Alex Baldwin: starred in BT's campaign this year promoting its internet service
Alex Baldwin: starred in BT's campaign this year promoting its internet service

In its results published today, BT also reported a rise in profit before tax of 5% to £671m.

However the telecoms giant has written down £145m after it found "certain historical accounting errors and reassessed certain areas of management judgement" at BT Italia.

The report added: "The write down relates to balances that have built up over a number of years and our assessment is that the errors have not materially impacted the group’s reported earnings over the previous two years."

On Brexit, BT said it does not expect the UK's vote to leave the European Union to have a "significant impact" on its outlook and will continue to assess the longer term impact.

Gavin Patterson, chief executive at BT, said: "This is a positive set of results, both operationally and financially, and we remain on track to achieve our full-year outlook. We’ve made good progress on the integration of EE and the delivery of our synergy targets.

"Our consumer facing lines of business have performed well, but in the enterprise space, UK public sector continues to be a challenging market. Across the group, we continue to drive cost reduction and productivity improvements.

"Customer experience remains a key priority, and we’re stepping up our investments in the second half of the year. And we’ll continue to invest in our ultrafast and 4G plans in 2017 and beyond."

Topics

Subscribe to Campaign from just £57 per quarter

Includes the weekly magazine and quarterly Campaign IQ, plus unrestricted online access.

SUBSCRIBE

Looking for a new job?

Get the latest creative jobs in advertising, media, marketing and digital delivered directly to your inbox each day.

Create an Alert Now
How easyJet transformed customer data into emotional anniversary stories
Shares0
Share

1 How easyJet transformed customer data into emotional anniversary stories

To showcase innovation and good practice, Campaign is publishing the best case studies from the 2016 Marketing New Thinking Awards, held in association with Sky Media. EasyJet and Havas Helia triumphed in the Data Creativity category for their data-driven work on the airline's 20th anniversary.

Just published

More