UK Telecom Company BT Group Plans 55K Job Cuts By 2030

BT Group PLC BTGOF reported an FY23 adjusted revenue decline of 1% Y/Y to £20.7 billion due to the removal of BT Sports revenue and a decline in legacy products and equipment sales.
The company witnessed adjusted revenues decline in all segments except Openreach (+4% Y/Y).
Adjusted EBITDA rose 5% Y/Y to £7.9 billion, led by Openreach and Consumer business growth.
Adjusted EPS rose 8% Y/Y to 22.0 pence in the fiscal year.
Net cash inflow from operating activities stood at £6.7 billion, and capital expenditure declined 4% Y/Y to £5.1 billion in the fiscal year.
Normalised FCF fell 5% Y/Y to £1.33 billion.
Dividend: The company declared a final dividend per share of 5.39 pence, leading to an FY23 dividend per share of 7.70 pence.
FY24 Outlook: The company expects growth in revenue and EBITDA on a pro forma basis, capital expenditure (excluding spectrum) of £5.0 billion-£5.1 billion and normalised FCF of £1.0 billion-£1.2 billion.
Workforce Reduction: As a part of its global transformation plan, BT expects to cut the global workforce by around 55k to between 75k-90k (vs. 130k presently) over FY28-FY30.
“We have delivered our outlook for FY23: this year we’ve grown both pro forma revenue and EBITDA for the first time in six years while navigating an extraordinary macro-economic backdrop....Openreach is competing strongly and it’s clear that customers love full fibre. The Openreach Board has reaffirmed its target to reach 25 million premises with FTTP by the end of 2026 and plans to further accelerate take-up on the network....By continuing to build and connect like fury, digitise the way we work and simplify our structure, by the end of the 2020s BT Group will rely on a much smaller workforce and a significantly reduced cost base. New BT Group will be a leaner business with a brighter future,” said Philip Jansen, CEO.
Price Action: BTGOF shares are trading lower by 7.41% at $1.75 on the last check Thursday.
Photo Via Company

Market News and Data brought to you by Benzinga APIs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Comments