BT profits down but gives positive update on BT Sport

31st Oct 2013 07:49

- Reported PTP down 13 per cent- Adjusted PTP up three per cent- BT Sport off to good startTelecomms heavyweight BT on Thursday reported a 13 per cent decline in half-year pre-tax profits to 948m pounds, but said the recently introduced BT Sport package had made a 'confident start'. Shares in the group floated higher in early trading, encouraged by a 13% jump in the interim dividend to 3.4p and a reaffirmation of the full-year outlook. The stock was also boosted by the news the quarter ended September 30th had been its "strongest ever" for fibre take-up, with Openreach net connections up 70%, and that more than 2m customers have signed up for BT Sport. On an adjusted basis, pre-tax profit for the half year rose 3% to £1.204bn, and for the second quarter climbed 2% to £609m. Six month revenue on an adjusted basis fell 1% to £8.940bn, and was flat at the same figure on a reported basis. Reported earnings per share rose 1% to 12.2p for the half year, but leapt 16% to 7.8p for the quarter. Net debt fell 11% year-on-year to £8.074bn. Gavin Patterson, Chief Executive Officer, said: "These are good results, with growth in earnings per share and free cash flow. "BT Sport has made a confident start and is already delivering for viewers. "BT Retail's Business division again saw good growth in IT services, while BT Global Services and BT Wholesale both generated strong order books." He added: "These are exciting times for the company and we are determined to deliver our strategy with energy and discipline." NR