All of Openreach's major CP1 customers now selling FTTP with strong increase in sales in Q2
Consumer aligns pricing policies across all products and services to CPI plus 3.9% per annum to provide consistent, predictable pricing for new and regrading customers and to support network investment
Operational:
Strong operating performance despite the ongoing impact of Covid-19
FTTP rollout reached record levels in Q2 with run-rate of 40k premises per week; 3.5m premises passed to date
Openreach to stop selling copper products to c.1.8m FTTP-enabled premises by September 2021 latest
5G-ready customer base now over 1m and 5G now live in 112 towns and cities
Strong increase in Consumer FTTP customer base up 60% year on year; fixed and mobile convergence at 21.4%
Enterprise agrees landmark partnership with Belfast Harbour to deploy 5G Private Network
Modernisation programme delivers £352m gross annualised savings at a cost of £163m
Financial:
Revenue relatively resilient at £10,590m, down 8%, primarily due to the impact of Covid-19 including reduced BT Sport revenue and a reduction in business activity in our enterprise units, and declines in legacy products
Adjusted2 EBITDA £3,721m, down 5%, driven by the fall in revenue, partly offset by sports rights rebates, savings from our modernisation programme and other cost initiatives including Covid-19 mitigating actions
Reported profit before tax £1,062m, down 20%, driven primarily by reduced EBITDA
Net cash inflow from operating activities £2,713m; normalised free cash flow2 £422m, down 30%, primarily due to reduced EBITDA and offsetting movements in working capital and timing of tax payments
Capital expenditure £1,969m, up 5%, primarily driven by fixed and mobile network investment
Lower end of the adjusted2 EBITDA outlook range for 2020/21 raised to £7.3bn; revised range £7.3bn - £7.5bn
Adjusted2 EBITDA outlook of at least £7.9bn in 2022/23, underpins planned reinstated dividend from 2021/22 and value-creating investment plans

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BT Group plc published this content on 29 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 October 2020 09:09:07 UTC