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Investing.com -- BT Group reported a 3% drop in second-quarter revenue to £4.93 billion ($6.62 billion) and flat adjusted core earnings of £2.08 billion, broadly in line with market expectations.
Its Openreach division, which manages the fixed-line network, lost 242,000 broadband customers during the quarter, exceeding the 205,000 decline analysts had projected. The company attributed the drop to stiff competition and a weaker broadband market.
Openreach revenue was broadly flat year-on-year at £1.56 billion.
“BT is delivering on its strategy in competitive markets. We’re building the UK’s digital backbone, connecting the country like no one else and accelerating our transformation. Openreach full fibre broadband now reaches more than 20 million homes and businesses and our award-winning EE network is live with 5G+ coverage for 66% of the population," said Allison Kirkby, CEO of BT.
BT raised its interim dividend to 2.45 pence per share and reaffirmed its goal of increasing free cash flow to £2 billion by March 2027.
For the first half of the fiscal year, the U.K.’s largest broadband and mobile operator posted total and adjusted revenue of £9.8 billion, down 3%, reflecting declines in legacy voice services, lower handset volumes, and weakness in international markets. These were partly offset by growth in its full-fibre broadband offering at Openreach.
Adjusted EBITDA was stable at £4.1 billion, while reported pre-tax profit fell 14% to £651 million.
The company maintained its full-year guidance.