RESULTS FOR THE FOURTH QUARTER AND YEAR TO 31 MARCH 2012
BT Group plc (BT.L) today announces its results for the fourth quarter and year to 31 March 2012.
Fourth quarter and full year results:
|
|
|
Fourth quarter to 31 March 2012 | Year to 31 March 2012 | ||
|
|
|
£m |
Change |
£m |
Change |
|
Revenue1 |
|
4,875 |
(4)% |
19,307 |
(4)% |
|
Underlying revenue excluding transit |
|
(2.0)% |
|
(1.9)% |
|
|
EBITDA1 |
|
1,609 |
4% |
6,064 |
3% |
|
Profit before tax |
- adjusted1 |
690 |
13% |
2,421 |
16% |
|
|
- reported |
724 |
46% |
2,445 |
42% |
|
Earnings per share |
- adjusted1 |
6.8p |
10% |
23.7p |
13% |
|
|
- reported |
8.1p |
33% |
25.8p |
33% |
|
Free cash flow2 |
|
909 |
£290m |
2,522 |
£299m |
|
Net debt |
|
|
|
9,082 |
£266m |
|
Full year proposed dividend |
|
|
8.3p |
12% |
Key points:
- Underlying revenue excluding transit down 1.9% for the year, within our target range
- EBITDA1 target of above £6bn delivered a year early
- Free cash flow2 of £2.5bn, up 13% and well above expectations
- Net debt up £266m after £2.0bn pension deficit payment
- Proposed final dividend of 5.7p, up 14%, giving a full year dividend of 8.3p, up 12%
- 10m homes and businesses passed with fibre, many months ahead of schedule
Outlook:
We expect
- Underlying revenue excluding transit to show an improving trend in 2013 and 2014
- Growth in EBITDA in 2013 and 2014
- Normalised free cash flow (which excludes pension deficit payments and related tax credits) of £2,307m in 2012 to be broadly level in 2013 and above £2.4bn in 2014
- BT Global Services to deliver solid EBITDA growth in 2013
- BT Global Services operating cash flow to be lower in 2013 before returning to growth in 2014
- Dividends to grow by 10%-15% per year for the next three years
- Share buyback programme of around £300m in 2013
Ian Livingston, Chief Executive, commenting on the results, said:
"In what remains a challenging environment we have delivered another year of growth in profits and free cash flow. Our financial strength has allowed us to invest in the business, make a £2bn payment into the pension fund, reward employees and deliver double digit growth in shareholder returns.
