BT Group FY Profit Declines; Suspends Dividend Payments - Quick Facts

(RTTNews) - BT Group plc (BT_A.L, BT) said Thursday that its full year 2019/20 results were overall in line with expectations and it completed the 1.6 billion pounds phase 1 transformation program one year ahead of schedule.

BT Group said it has suspended the final dividend for 2019/20 and all dividends for 2020/21 to create capacity for value-enhancing investments and managing confidently through the COVID-19 crisis. The company expects to resume dividend payments in 2021/22 at an annual rate of 7.7 pence per share.

The company's full year 2019/20 reported profit before tax declined to 2.35 billion pounds from 2.67 billion pounds a year ago. Reported basic earnings per share decreased to 17.5 pence from 21.8 pence last year.

However, adjusted EBITDA rose to 7.91 billion pounds from 7.39 billion pounds in the prior year. Adjusted basic earnings per share were 23.5 pence, compared to 26.3 pence last year.

Reported revenue for the year was 22.91 billion pounds, down 2 percent from 23.43 billion pounds in the previous year. Adjusted revenue declined to 22.82 billion from 23.46 billion pounds last year.

BT Group noted that the full impact of COVID-19 will only become clearer as the economic consequences unfold over the next twelve months. Due to COVID-19, the company is not currently providing guidance for 2020/21.