BT has solid FY25 start with strong Q1 results

Recent Q1 FY25 results reveal that BT Group is on track to achieve full year guidance, with more than 1m full fibre premises passed for a sixth consecutive quarter, at an average build rate of 81k per week, with the potential to achieve up to 5m this fiscal year.

The company’s strategic priorities are delivering to plan, and reports that it has an FTTP footprint of more than 19m premises, of which 5.2m are in rural locations.

There has also been what it describes as ‘record’ customer demand for Openreach full fibre, with net adds up by nearly half (46%) year-on-year to 566k; and a total of 7.1m premises connected increasing take up rate to 37%.

Hyperoptic also has entered into a wholesale agreement with Openreach, further extending the company’s national footprint.

Other figures show reported and adjusted revenue is down 3% to £4.9bn, mainly due to weaker handset sales in consumer and continued challenging international trading, offsetting the benefit of FTTP growth in Openreach and price increases.

Adjusted UK service revenue is £3.9bn, down 1%, which is largely due to the seasonal impact of price changes in Consumer and traditional voice in Business.

Adjusted EBITDA is also down 1% to £2.1bn, with adverse revenue offset by strong cost transformation.

The results show that reported profit before tax of £468m is down 10%, primarily due to an increase in net finance costs and depreciation and amortisation.

Allison Kirkby, Chief Executive commented: “BT has had a solid start to the year, with our full fibre broadband now reaching more than 19 million homes and businesses and our 5G network available to over 87% of the UK population.

“We’re seeing strong customer demand for our broadband and mobile connectivity across all our brands, with record Openreach fibre take-up again this quarter. And we’re delivering on our transformation, as we simplify our business while improving customer experience.”