BT Group recorded a 3 per cent drop in revenue in its quarterly earnings, partially affected by unforeseen challenges due to Covid-19 (coronavirus), though CEO Philip Jansen (pictured) remained optimistic about delivering its full-year outlook.
In a trading update for the three months to 30 June 2021, BT reported revenue of £5 billion, down 3 per cent year-on-year, while its consumer business grew 1 per cent to £2.4 billion aided by its BT Sport unit and an increase in direct handset sales.
The only other unit’s revenue to go up in the period was Openreach, recording a 5 per cent rise to £1.3 billion.
Enterprise sales declined 5 per cent £1.3 billion, due to continued decline in legacy products and a drop in equipment sales.
The company explained its overall revenue decrease, alongside a 21 per cent decline in its Global Business revenue, was due to “more challenging than expected” market conditions, alongside a £39 million negative foreign exchange movement and impact from divestments made in the past year.
Outlook
Jansen expressed confidence in the company’s goal to deliver its outlook for financial years 2022 and 2023, and highlighted “good performance” in the UK which offset the challenges in its Global unit.
The chief added the company also benefited from “the positive benefits” of its modernisation plans, and expected trading conditions to improve through the year and put BT on the path to growth.
Alongside its results, BT announced a strategic deal with Microsoft targeting innovation across voice, cybersecurity and industry-focused services for enterprise.
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