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Revenues fell by 1% in Q1 2019/20 as BT ramped up its capex to facilitate 5G rollout and the expansion of its fixed line networks in the UK
BT has said that it is ready to play a leading role in delivering a gigabit society in the UK, following the launch of its 5G mobile networks and a sharp rise in fibre uptake during the first quarter of the current financial year.
BT launched 5G in the UK through its mobile network subsidiary EE earlier this year, becoming the first mobile network operator to offer next generation mobile network services in the country.
BT has also seen a sharp uptick in fixed line fibre uptake, with its fixed line broadband subsidiary Openreach 267,000 premises to its full fibre networks in Q1 2019/20, bringing the total number of homes passed to 3.7 million.
“On network investment, we welcome the Government’s ambition for full fibre broadband across the country and we are confident we will see further steps to stimulate investment. We are ready to play our part to accelerate the pace of rollout, in a manner that will benefit both the country and our shareholders, and we are engaging with the Government and Ofcom on this,” BT’s chief executive officer, Philip Jansen said in a statement to the press.
Revenues for the first quarter of the 2019/20 financial year fell by 1 per cent to £5.633 billion, as BT increased its capex ahead of 5G rollout and the expansion of its fixed line networks. Capex for the quarter stood at £931 million, up 11 per cent on the same period last year.
“BT delivered results in line with our expectations for the quarter, with adjusted EBITDA declines in Consumer and Enterprise partly offset by growth in Global. We are on track to meet our outlook for the full year,” Jansen added.
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