BT FY profits rise 5% in line with forecasts

(Sharecast News) - UK telecoms giant BT Group posted a rise in annual adjusted core profits after growth in its Openreach and consumer divisions offset a fall in enterprise. Adjusted core earnings were up 5% to £7.9bn. On a pre-tax basis BT posted a 12% fall in profit to £1.7bn due to increased depreciation from network build and specific items, partially offset by adjusted EBITDA growth.

Revenue was £20.7bn, down 1% with the growth in Openreach more than offset by decline in the other units, the company said on Thursday.

The group said it expected to grow both revenue and core earnings on a pro forma basis this year.

Reporting by Frank Prenesti for Sharecast.com