BT makes 'solid start' to FY25, H1 adjusted revenues down 3pc

(Sharecast News) - Telecommunications giant BT said on Thursday that it has made "a solid start to the year" despite seeing both revenues and profits decline. BT said total adjusted revenues slipped 3% year-on-year to £4.87bn, mainly due to weaker handset sales and "continued challenging international trading", and adjusted earnings dipped by 1% to £2.05bn.

Reported pre-tax profits were 10% lower at £468.0m, primarily due to an increase in net finance costs and depreciation and amortisation.

However, despite the modest H1 declines on both the top and bottom lines, BT said it remained on track to achieve its FY26 and multi-year financial guidance.

On the operational front, BT reported "record customer demand" for Openreach FTTP, with net adds up 46% year-on-year to 566,000, while its retail FTTP base grew by 32% to 3.7m and its total customer base increased in the period, with its broadband base up 11,000 and post-paid mobile base up 41,000.

However, Openreach broadband lines fell by 169,000, driven by losses to competitors and a weaker broadband market, and business adjusted UK service revenue was down 2%.

Separately, the FTSE 100-listed group announced that chief financial officer Simon Lowth plans to retire from the group. Lowth will be succeeded by Patricia Cobian, who will join BT in summer 2026, and will eventually retire following a managed handover.

Reporting by Iain Gilbert at Sharecast.com