BT profit shored up by cost savings

BT lifted pre-tax profits by a fifth in its first quarter as efficiency savings offset falling sales.

Pre-tax profit was £533m on reduced revenue of £4.76bn for the quarter to end-June, BT said.

BT, which competes with Virgin Media and TalkTalk in retail telephony and broadband and also sells wholesale to rivals, added 251,000 broadband customers, in the quarter, more than half of them retail customers.