BT is showing shoots of growth, with total revenue up three per cent in the nine months ended December, after it added 432k Openreach customers in its most recent quarter.
Britain’s largest telecoms company said it achieved revenue of nearly £15.8bn in the first three quarters of 2023, up from £15.3bn in 2022.
This was largely due to success in its Openreach division that connects homes and businesses across the country to the national network. Openreach saw a 34 per cent rise in take up
But BT warned losses broadband could surpass £400k this year thanks to “ongoing weak broadband market conditions”. It has lost 369k year to date.
In its third quarter of 2023, overall revenue grew to £5.3bn from £5.2bn a year earlier. Growth in BT’s consumer and Openreach businesses were partially offset by the business unit.
The telco giant said its business arm is still being hit by higher input costs, legacy declines and one-off costs from the previous year.
The company is currently trying to streamline BT Business by gradually cutting the amount of products it offers, such as its 3G service.
New chief executive, Allison Kirkby, said: “BT Group has delivered another quarter of revenue and EBITDA growth, while rapidly building and upgrading customers to our full-fibre broadband and 5G networks, and we continue to be on track to achieve our financial outlook for the year.”
Today marks the first day that Kirkby takes up the top position at BT, replacing Philip Jansen.
“As I assume the role of Chief Executive, we remain committed to our purpose and our strategic focus, and I am looking forward to leading BT Group into its next phase of development,” Kirkby added.