BT’s Persistent Cost Cuts Keep Annual Earnings Target in Sight
- CEO has promised adjusted EBITDA of at least £7.9 billion
- BT shares rose most since November 2021 after results released
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BT Group Plc met third-quarter estimates as it faced strikes and inflation in the period, leaving investors focused on Chief Executive Officer Philip Jansen’s full-year earnings target. Shares rose.
The former UK telecom monopoly reiterated full-year guidance “despite inflationary headwinds” as it hikes prices and slashes costs, it said Thursday in a trading update. Jansen previously forecast 2023 adjusted earnings of at least £7.9 billion ($9.7 billion), which would be an annual increase of 3.9%.