BT has reported a 2.7% drop in first-half revenue to £10.1bn. Falling revenue from the Consumer and Business divisions (weighted to the latter) were somewhat offset by growth at Openreach, which benefitted from higher average prices.
Underlying cash profit (EBITDA) rose 1% to £4.1bn, with the dip in revenue more than offset by cost initiatives. Underlying free cash flow rose 57% to £0.7bn, and net debt was £20.3bn at the end of the period.
Full-year revenue is now expected to fall 1-2% (previously flat). There was no change to guidance for underlying cash profit of around £8.2bn or underlying free cash flow of around £1.5bn.
An interim dividend of 2.40p was announced.
The shares fell 3.9% in early trading.
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BT key facts
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