BT’s revenue growth was driven largely by price increases and fibre-based product sales in Openreach.
Increased service revenue in Consumer also contributed to this, with 2023 annual contractual price rises aided by higher roaming and increased fibre to the premises (FTTP) connections. Small and medium-sized businesses trading momentum as well as price rises in Business also contributed to the strong results.
Adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) for the period totalled £6.1 billion, up 3% on the previous year.
The reported profit before tax of £1,498 million (£1.4 billion) was up 15% on the previous year.
Financials aside, the company reported that is surpassed 950,000 premises during the quarter bringing its total FTTP footprint to 13 million with a further 6 million underway.
Openreach saw net addition of 432 thousand FTTP customers in Q3, bringing its total premises connected tally to 4.4 million, representing an uptick of 34%.
At the same time, following the news of her appointment in July 2023, Allison Kirkby, the former president and CEO of Telia Company, has officially assumed her role as CEO of BT, succeeding Philip Jansen.
Having been a member of the BT Group board for the past four years, Capacity ranked Kirkby as the second-most likely candidate to get the job behind Marc Allera, CEO of BT’s consumer division.
"BT Group has delivered another quarter of revenue and EBITDA growth, while rapidly building and upgrading customers to our full-fibre broadband and 5G networks, and we continue to be on track to achieve our financial outlook for the year,” said Kirkby, as part of the company’s Q3 update.
"We are providing great digital connectivity and services, while laying the foundations for future growth that will benefit our customers, investors and the UK. As I assume the role of chief executive, we remain committed to our purpose and our strategic focus, and I am looking forward to leading BT Group into is next phase of development."
While the industry waits to see what’s ahead for Kirkby at BT, it is expected to be a busy time for her as she settles in.
Capacity caught up with Kester Mann, director of consumer and connectivity at CCS Insight, on his thoughts on her direction and strategy, and he doesn’t expect Kirkby to deviate too far from Jansen’s strategy, including the continuation of the major full-fibre investment programme from BT’s Openreach unit.
