AGM Statement

RNS Number : 7643P

BT Group PLC

22 July 2010

 



July 22, 2010

BT CHAIRMAN - 2009/10 WAS A "YEAR OF DELIVERY"

BT chairman Sir Michael Rake today highlighted the company's return to profit in the 2009/10 financial year, describing the period as a "year of delivery".

He said "A lot has changed since last year's annual general meeting and I'm pleased to say that, from BT's perspective, a lot of that change has been for the better".

Rake was speaking at the BT Annual General Meeting in Liverpool. In his speech he cited how BT had cut its cost base - by £1.8 billion in the 09/10 financial year - and increased its cash flow by more than a billion pounds to £1.9 billion in the same period.

Rake said both achievements enabled BT to invest for the future, reduce its debt, support its pension scheme and reward its shareholders with a progressive dividend.

The turnaround at BT Global Services was singled out by Rake who highlighted how costs had been reduced and EBITDA progressively improved at the division throughout the year.

He said, "We have seen cost transformation at Global Services, leading to a marked improvement in profitability. I am now in the happy position where I can stand before you and say that we have a very solid performance across all of our main operating divisions".

Rake finished his speech by saying that whilst BT was a "much better company than a few years ago" it could not afford any complacency.

Enquiries about this news release should be made to the BT Group Newsroom on its 24-hour number: 020 7356 5369. From outside the UK dial + 44 20 7356 5369. All news releases can be accessed at our web site: http://www.bt.com/newscentre

About BT

BT is one of the world's leading providers of communications solutions and services operating in more than 170 countries.  Its principal activities include the provision of networked IT services globally; local, national and international telecommunications services to our customers for use at home, at work and on the move; broadband and internet products and services and converged fixed/mobile products and services.  BT consists principally of four lines of business: BT Global Services, Openreach, BT Retail and BT Wholesale.

In the year ended 31 March 2010, BT Group's revenue was £20,911 million.

British Telecommunications plc (BT) is a wholly-owned subsidiary of BT Group plc and encompasses virtually all businesses and assets of the BT Group.  BT Group plc is listed on stock exchanges in London and New York. 

For more information, visit www.bt.com/aboutbt

 

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