- BT Group
- 07 November 2024 09:11:41
Source: Sharecast
BT said interim revenues were down 3% year-on-year at £10.11bn, which led to a 10% drop in pre-tax profits to £967.0m and a 1-2% downward revision to its FY guidance.
The FTSE 100-listed firm said its revenue downgrade was primarily a result of weaker non-UK trading, including reduced low-margin kit sales and a softer environment in both the corporate and public sectors”.
However, BT still opted to hike its interim dividend from 2.31p to 2.40p thanks to normalised free cash flows, up 57% at £700.0m due to higher EBITDA, working capital timing and a tax refund.
"We are confirming our EBITDA, capex and cash flow guidance for FY25, albeit on lower revenue guidance. We remain firmly on track to meet our long-term cost savings and cash flow targets, and today announce an interim dividend of 2.40pps," said chief executive Allison Kirkby.
As of 0910 GMT, BT shares were down 4.61% at 135.55p.
Reporting by Iain Gilbert at Sharecast.com