BT shares jump as consumer revenue grows for the first time in a decade
BT shares have climbed over three per cent after the telecoms giant reported its first growth in consumer revenues for over ten years.
The company enjoyed a rise in profit before tax of six per cent to £2.8bn for the year ended 31 March. The group benefitted from a healthy demand for fibre broadband.
BT saw net fibre connections increase by 28 per cent in the fourth quarter to 347,000, of which 249,000 are BT retail customers.
The company's Global Services division managed to up its order intake by13 per cent to £2.2bn. BT sport continues to be popular, with around 5m homes making use of the service.
Chief executive Gavin Patterson welcomed the results, saying:
We have made strong progress this year. Underlying revenue, adjusted profit before tax and normalised free cash flow have all grown and beaten market expectations.
Our investment in fibre is delivering with 1.3m more premises taking fibre this year, almost doubling the number of homes and businesses now connected.
The group's total earnings were flat at £6.1bn, while earnings per share rose seven per cent.