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BT records profit and revenue growth in fourth quarter results

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By John Glenday, Reporter

May 7, 2015 | 2 min read

BT has posted a strong set of financial results for the fourth quarter following growth in its superfast broadband network which now reaches over three quarters of the UK, as well as further growth at its BT Sport TV channels which now reach 5.2m households.

The communications provider’s fiscal position was further aided by a 6 per cent fall in underlying operating costs, excluding transit, which helped drive pre-tax profit to £2.645bn for the year to the end of March, although revenues fell 2 per cent to £17.85bn.

Chief executive Gavin Patterson said: “We delivered our best ever performance for fibre connections in the fourth quarter with Openreach adding almost half a million premises to our network. Our retail business delivered a record-breaking 266,000 of these connections.

“We’re pleased to have secured FA Premier League football rights for a further three years, and an extension with Aviva Premiership Rugby for four more years. With exclusive live football from the UEFA Champions League and UEFA Europa League, we’ll be showing even more top sporting action from this summer.

“We made further progress with transforming our costs, contributing to a 6 per cent decline in operating costs in the fourth quarter.

“Our performance during the year is reflected in our full year dividend, which is up 14 per cent. Our results and the investments we are making position us well for the future and enable us to increase our free cash flow outlook for the coming year.”

The results follow BT’s purchase of mobile operator EE for £12.5bn back in February, although it still awaits the final seal of approval from regulators.

Patterson added: “Shareholders approved our proposed £12.5 billion acquisition of EE last week. While we await regulatory approval, we have pushed ahead with our own mobility plans, launching our great value BT Mobile consumer service in March.”

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