BT reports full year results

BT has reported its full year results for the year ending 31 March 2007 which show that revenues rose 4% to GBP20.22 billion (USD40.1 billion). Strong growth in ‘new wave’ revenues of 17% to GBP7.37 billion more than offset a 3% decline in traditional revenues. EBITDA before specific items was GBP5.63 billion, up 2% on the previous year’s figure while group operating profit before specific items was GBP2.71 billion, up 3%. In the fourth quarter net income climbed to GBP454 million from GBP391 million a year earlier while sales rose 3.1% to GBP5.29 billion.

Chief Executive Officer Ben Verwaayen announced the company will spend GBP2.5 billion pounds over the next two years buying back shares. BT added 245,000 broadband users in the quarter and gained a further 200,000 from the February purchase of PlusNet. The company had about 3.66 million broadband users at the end of the quarter, making it the largest broadband provider in the UK.