Report of Foreign Issuer (6-k)
28 Juli 2017 - 2:14PM
Edgar (US Regulatory)
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the
Securities Exchange Act of 1934
Date of
Announcement:
28 July
2017
BT Group plc
(Translation
of registrant's name into English)
BT
Group plc
81 Newgate
Street
London
EC1A 7AJ
England
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form
20-F..X...
Form 40-F
Indicate
by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information
to the Commission pursuant to Rule 12g3-2(b) under the Securities
Exchange Act of 1934.
Yes
No ..X..
BT Group plc
Results for the first quarter to 30 June 2017
28 July 2017
BT
Group plc (BT.L) today announced its results for the first quarter
to 30 June 2017.
Key developments for the quarter
Strategic:
●
Consultation
launched by Openreach on building the investment case for a
large-scale FTTP network
●
Consumer and EE
divisions will be brought together to drive converged products and
accelerate transformation
●
Forthcoming
spectrum auction will allow BT to bid for high frequency spectrum
facilitating upgrades to 5G technology
●
Continued
improvement in customer experience metrics, Group Customer
Perception and Right First Time
●
BT won exclusive
live rights for European elite rugby cup competitions for 2018/19
– 2021/22
Operational:
●
Restructuring
programme on track. Plans announced to streamline our Italian
business
●
Mobile postpaid net
subscriber additions of 210,000, with churn remaining low at
1.1%
●
Openreach fibre
connections remain high at 437,000, with fibre broadband now
passing 26.8m UK households
●
Retail broadband
net additions represent 53% market share, with fibre net additions
of 170,000
●
Consumer revenue
generating units per customer increased 4% to 2.00. Monthly mobile
ARPU was £20.4, up 9%
Financial:
●
Settlement of
warranty claims with Deutsche Telekom and Orange under EE
acquisition agreement, arising from the previously reported issues
in Italy, with specific item charge of £225m
●
Reported revenue up
1% and underlying
1
revenue up 0.2%
driven by our consumer facing businesses
●
Adjusted
1
EBITDA decreased 2% due to increased pension costs, business rates,
sport programme rights and our investment in customer
experience
●
Net cash inflow
from operating activities of £1,315m down £19m, and
normalised free cash flow
1
of £556m up
£108m due to working capital phasing
●
Outlook maintained
with share buyback of £200m in the quarter
|
Gavin Patterson, Chief Executive, commenting on the results,
said
“BT has delivered an encouraging performance in the first
quarter of the year. We’ve made good progress in our key
areas of strategic focus: deliver great customer experience, invest
for growth, and transform our costs. In particular, I’d
highlight the growth achieved by our consumer facing businesses,
helped by mobile.
“BT, with Openreach, is well placed to support the roll out
of FTTP in the UK, and we’re consulting with Ofcom,
Government and other communications providers to build the
investment case to achieve this outcome.
“Our new Consumer business will operate our three distinct
brands; BT, EE and Plusnet;
to leverage our position as the largest and
only fully converged player in the market, spanning fixed and
mobile networks, consumer products and services as well as
content.
“We will continue to simplify and streamline the business and
rationalise our costs as demonstrated by our ongoing performance
transformation programme. Our businesses are leaders in their core
segments and as we drive the business forward I am confident in the
outlook for our Company.”
|
|
|
|
|
|
First quarter to 30 June 2017
|
|
|
|
|
|
£m
|
Change
|
|
Reported
measures
|
|
|
|
|
|
|
Revenue
|
|
|
|
5,837
|
1%
|
|
Profit
before tax
|
|
|
|
418
|
(42)%
|
|
Basic
earnings per share
|
|
|
|
2.9p
|
(51)%
|
|
Net
cash inflow from operating activities
|
|
|
|
1,315
|
£(19)m
|
|
|
|
|
|
|
|
Adjusted
measures
|
|
|
|
|
|
Change
in underlying
1
revenue excluding
transit
|
|
|
|
0.2%
|
|
Adjusted
1
EBITDA
|
|
|
|
1,785
|
(2)%
|
|
Change
in underlying
1
EBITDA
|
|
|
|
|
(2.5)%
|
|
Adjusted
1
profit before tax
|
|
|
|
791
|
(1)%
|
|
Adjusted
1
basic earnings per share
|
|
|
|
6.3p
|
(5)%
|
|
Normalised
free cash flow
1
|
|
|
556
|
£108m
|
|
Net
debt
1
|
|
|
|
8,810
|
£(762)m
2
|
1
See Glossary on page 2
2
Revised, see note 1 to the condensed consolidated
financial statements
This announcement contains inside information.
The
person responsible for making this announcement is Dan Fitz,
BT’s Company Secretary.
Group results for the first quarter to 30 June 2017
|
|
|
First quarter to 30
June
|
|
|
|
|
|
2017
|
2016
|
Change
|
|
|
|
|
|
£m
|
£m
|
%
|
|
Revenue
|
|
|
|
|
|
|
|
- reported
|
|
|
|
5,837
|
5,775
|
1
|
|
- adjusted
1
|
|
|
|
5,849
|
5,775
|
1
|
|
- change in underlying
1
revenue excluding
transit
|
|
|
|
|
|
0.2
|
|
EBITDA
|
|
|
|
|
|
|
|
- reported
|
|
|
|
1,467
|
1,785
|
(18)
|
|
- adjusted
1
|
|
|
|
1,785
|
1,818
|
(2)
|
|
- change in underlying
1
EBITDA
|
|
|
|
|
|
(2.5)
|
|
Operating profit
|
|
|
|
|
|
|
|
- reported
|
|
|
|
602
|
930
|
(35)
|
|
- adjusted
1
|
|
|
|
920
|
963
|
(4)
|
|
Profit before tax
|
|
|
|
|
|
|
|
- reported
|
|
|
|
418
|
717
|
(42)
|
|
- adjusted
1
|
|
|
|
791
|
802
|
(1)
|
|
Basic earnings per share
|
|
|
|
|
|
|
|
- reported
|
|
|
|
2.9p
|
5.9p
|
(51)
|
|
- adjusted
1
|
|
|
|
6.3p
|
6.6p
|
(5)
|
|
Capital expenditure
|
|
|
|
835
|
777
|
7
|
|
Normalised free cash flow
1
|
|
|
|
556
|
448
|
24
|
|
Net debt
1
|
|
|
|
8,810
|
9,572
2
|
£(762)m
|
Line of business results
|
|
Adjusted
1
revenue
|
Adjusted
1
EBITDA
|
Normalised
free cash flow
1
|
|
First
quarter to 30 June
|
2017
|
2016
|
Change
|
2017
|
2016
|
Change
|
2017
|
2016
|
Change
|
|
|
£m
|
£m
|
%
|
£m
|
£m
|
%
|
£m
|
£m
|
%
|
|
Consumer
|
1,255
|
1,175
|
7
|
233
|
239
|
(3)
|
255
|
298
|
(14)
|
|
EE
|
1,291
|
1,243
|
4
|
335
|
281
|
19
|
166
|
187
|
(11)
|
|
Business and Public
Sector
|
1,128
|
1,169
|
(4)
|
336
|
357
|
(6)
|
209
|
252
|
(17)
|
|
Global
Services
|
1,244
|
1,250
|
-
|
73
|
119
|
(39)
|
(178)
|
(283)
|
37
|
|
Wholesale and
Ventures
|
492
|
518
|
(5)
|
174
|
199
|
(13)
|
100
|
134
|
(25)
|
|
Openreach
|
1,267
|
1,252
|
1
|
614
|
632
|
(3)
|
303
|
235
|
29
|
|
Other
|
4
|
3
|
33
|
20
|
(9)
|
n/m
|
(299)
|
(375)
|
20
|
|
Intra-group
items
|
(832)
|
(835)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Total
|
5,849
|
5,775
|
1
|
1,785
|
1,818
|
(2)
|
556
|
448
|
24
|
1
See
Glossary
2
Revised, see note 1
to the condensed consolidated financial statements
n/m =
not meaningful
Glossary of alternative performance measures
|
Adjusted
|
Before
specific items
|
|
Free cash flow
|
Cash
generated from operations (after capital expenditure) excluding
pension deficit payments and after interest, tax and non-current
asset investments
|
|
Net debt
|
Loans
and other borrowings (both current and non-current), less current
asset investments and cash and cash equivalents. Currency
denominated balances within net debt are translated to Sterling at
swapped rates where hedged
|
|
Normalised free cash flow
|
Free
cash flow before specific items and the cash tax benefit of pension
deficit payments
|
|
Specific items
|
Items
that in management’s judgement need to be disclosed
separately by virtue of their size, nature or incidence. Further
information is provided in note 1 on page 21
|
|
Underlying
|
Excludes
specific items, foreign exchange movements and the effect of
acquisitions and disposals. Further information is provided in note
2 on page 21
|
Reconciliations to
the most directly comparable IFRS measures are in Additional
Information on page 21. Our commentary focuses on the trading
results on an adjusted basis. Unless otherwise stated, revenue,
operating costs, earnings before interest, tax, depreciation and
amortisation (EBITDA), operating profit, profit before tax, net
finance expense, earnings per share (EPS) and normalised free cash
flow are measured before specific items. Further information is
provided in note 1 on page 21.
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link into your web browser, to view the associated PDF
document.
http://www.rns-pdf.londonstockexchange.com/rns/3997M_-2017-7-28.pdf
Signatures
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
BT Group plc
(Registrant)
By:
/s/ Dan Fitz, Company Secretary
--------------------
Dan
Fitz, Company Secretary.
Date
28 July 2017
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