BT: Outgoing chief says ‘bright future’ ahead after jobs and cost-cutting programme
BT Group is ringing in at the half year mark with consistent revenue and EBITDA growth, delivering “on target” results and optimism for the future, ahead of a turnround plan which will see the firm’s new CEO embark on a radical cost-cutting programme.
Philip Jansen, outgoing chief executive, said: “we’re rapidly building and connecting customers to our next generation networks, we’re simplifying our products and services, and we’re now seeing predictable and consistent revenue and EBITDA growth.”
Reported revenue is in line with last year at £10.4bn, however, BT’s adjusted EBITDA is up 6 per cent at £4.1bn.
Jansen added: “Our delivery in the first half means we are confirming our financial outlook for FY24 with normalised free cash flow now expected towards the top end of the guidance range, and we are declaring an interim dividend of 2.31 pence per share.”
Speaking on BT’s “bright future,” Jansen said he was pleased to be “handing the baton” to Allison Kirkby early next year, who will be the group’s first female chief executive.
The appointment, which is supposed to take place in January, was announced after Jansen laid the groundwork for significant job cuts to slash costs and become a “leaner business.”
In its full year results last May, it had said it would look to cut its 130,000 headcount to between 75,000 to 90,000 by 2028 to 2030.