BT Group Sees Fiscal Year 2024 Growth in Earnings, Revenue

   By Adria Calatayud 
 

BT Group said Thursday that it expects revenue and earnings to grow in the year ahead on a pro forma basis after it reported a lower pretax profit for fiscal 2023 due to increased depreciation.

The U.K. telecommunications group said pretax profit for the year to March 31 was 1.73 billion ($2.16 billion) compared with GBP1.96 billion in fiscal 2022, citing increased depreciation from its network and special items. Analysts expected BT to report fiscal 2023 pretax profit of GBP1.92 billion, according to a company-provided consensus.

Revenue for the year declined to GBP20.68 billion from GBP20.85 billion a year before.

For the fourth quarter, BT said adjusted earnings before interest, taxes, depreciation and amortization rose 10% to GBP2.05 billion. Quarterly adjusted revenue fell to GBP5.09 billion from GBP5.17 billion, driven by drops in its consumer and enterprise segments.

This beat expectations for a quarterly adjusted Ebitda of GBP1.98 billion on adjusted revenue of GBP5.06 billion, according to consensus estimates provided by the company

In addition to pro forma growth in fiscal 2024 revenue and Ebitda, BT said it expects capital expenditure excluding spectrum of between GBP5.0 billion and GBP5.1 billion and normalized free cash flow of GBP1.0 billion to GBP1.2 billion.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

May 18, 2023 02:41 ET (06:41 GMT)

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