BT
(BT.A)
on
Thursday
said
it
will
cut
up
to
55,000
jobs
by
2030,
as
it
reported
a
decline
in
profit
and
revenue
for
its
recent
financial
year.

The
London-based
telecommunications
provider
said
it
will
reduce
its
number
of
workers
to
between
75,000
and
90,000
by
financial
years
2028
to
2030
from
130,000
currently.
This
is
a
reduction
of
between
31%
and
42%.

“By
continuing
to
build
and
connect
like
fury,
digitise
the
way
we
work,
and
simplify
our
structure,
by
the
end
of
the
2020s
BT
Group
will
rely
on
a
much
smaller
workforce
and
a
significantly
reduced
cost
base.
New
BT
Group
will
be
a
leaner
business
with
a
brighter
future,”
said
Chief
Executive
Officer
Philip
Jansen.

The
move
is
likely
to
stoke
the
ire
of
BT’s
unionised
workers.
Last
year,
they
walked
out
during
industrial
action
by
unions
including
the
Communications
Workers
Union.

BT
shares
were
down
9.0%
to
134.85p
each
in
London
on
Thursday
morning,
the
worst
FTSE
100
performer.

BT
said
that,
despite
an
“extraordinary”
macro-economic
backdrop,
it
delivered
on
its
guidance,
growing
pro-forma
revenue
and
adjusted
earnings
before
interest,
tax,
depreciation,
and
amortisation.

In
the
financial
year
that
ended
March
31,
revenue
edged
down
0.8%
to
£20.68
billion
from
£20.85
billion,
but
was
0.8%
higher
than
the
£20.51
billion
estimated
by
Financial
Times-cited
market
consensus.
Adjusted
EBITDA
rose
4.6%
to
£7.93
billion
from
£7.58
billion.

Revenue
was
up
1%
and
adjusted
EBITDA
was
up
3%
on
a
‘sports
joint
venture’
pro
forma
basis,
BT
said.

Back
in
May
last
year,
BT
agreed
a
deal
with
Warner
Bros
Discovery
to
combine
in
a
joint
venture
its
sports
television
channel
BT
Sport
with
Warner
Bros’
Eurosport.

BT
said
annual
pretax
profit
fell
12%
to
£1.73
billion
from
£1.96
billion.

Diluted
earnings
per
share
rose
13%
to
21.4
pence
per
share
from
18.9p,
outperforming
analyst
expectations
of
19.54p
by
9.5%.
The
figure
of
18.9p
for
financial
2022
was
a
downward
revision
by
4.1%
from
previously
reported
19.7p.

Looking
ahead,
BT
expects
revenue
and
Ebitda
growth
on
pro
forma
basis
in
financial
2024,
despite
expected
headwinds
from
cost-of-living,
inflation,
and
higher
energy
costs.
The
company
anticipates
a
normalised
free
cash
flow
of
between
£1.0
billion
and
£1.2
billion,
down
from
£1.3
billion
in
financial
2023.
This
is
due
to
the
ta
benefit
from
full
expensing
being
fully
offset
by
higher
capital
expenditure,
BT
explains.

BT
maintained
its
total
annual
dividend
at
7.7
pence,
including
an
unchanged
final
dividend
of
5.39p.

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