WILL DRAPER | EXECUTION NOBLE
Although this is a brighter set of results from BT, with figures ahead on most measures and full-year guidance raised, much of the increased guidance had been anticipated. The interim dividend of 2.4p was the one area of disappointment, four per cent lower than our estimate.
SIMON WEEDEN | CITI
BT is comfortably meeting its pension and dividend commitments while reducing debt at an accelerating rate. With the pension scheme also improving the company is probably waiting for a positive response from the credit rating agencies to its progress before stepping up its payout.
CARL MURDOCK-SMITH | JP MORGAN
Openreach was the key outperformer. Equity free cash flow was also strong at £535m, 11 per cent above consensus. Its dividend, up four per cent to 2.4p, may look light but we would look for more at the full-year stage. Revenues were one per cent above consensus.