Thursday 4 February 2021 1:14 pm

Revenue and profit fall at BT as coronavirus continues to hit telecoms giant

Revenue at BT was down to £16bn in the first nine months of the financial year, a seven per cent drop that the telecoms giant put primarily down to coronavirus.

Profit at BT for the nine months to 31 December fell by 17 per cent, to just under £1.6bn.

Investors hung up on the company today, with shares currently down 2.4 per cent to 125p.

Last May BT made the “exceptionally difficult” decision to scrap its dividend until 2022, when it will be reduced 50 per cent to 7.7p per share.

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BT chief executive Philip Jansen said: “We delivered results in line with our expectations for the third quarter and remain on track to deliver out 2020/21 outlook, despite greater Covid-19 restrictions than previously forecast.”

BT’s Openreach FTTP network now reaches 4.1 million premises, and FTTP orders were up in Q3, with a record 17,000 sales per week.

The business is now running 5G in 125 locations and, and its 5G ready customer base now over 2.1m.