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Highlight

  • BT Group plans to expand its full-fibre broadband coverage to 25 million premises by 2026, with a long-term goal of reaching 30 million by 2030.

  • Despite a 2% revenue decline to £20.4 billion, adjusted EBITDA rose 1% to £8.2 billion, and free cash flow exceeded guidance with a 25% increase.

  • Capital expenditure will remain steady at £5 billion, with cost savings of £913 million achieved as part of the group’s transformation programme.

BT Group PLC (LSE:BT.A) has reaffirmed its commitment to leading the UK’s digital infrastructure transformation, announcing an ambitious expansion of its full-fibre broadband rollout as part of its full-year results for the year ending 31 March.

The telecommunications giant, once the UK’s state-owned monopoly, revealed plans to build full-fibre connections to an additional 5 million premises in the coming year through its infrastructure arm, Openreach. This move is part of its broader ambition to reach 25 million premises by the end of 2026, and as many as 30 million by the end of the decade.

To support this target, BT will maintain its capital expenditure at approximately £5 billion—consistent with last year—despite facing intensifying competition from alternative network providers ("alt nets") across the country. In the past year, Openreach expanded its full-fibre network to over 18 million premises.

Stable Financial Performance Amid Competitive Pressure

The FTSE 100-listed company reported a 1% increase in adjusted EBITDA to £8.2 billion for FY2024, a figure in line with market expectations. While revenue slipped by 2% to £20.4 billion, the decline was attributed to reduced international operations and weaker handset sales. Nevertheless, both revenue and earnings met consensus forecasts.

Encouragingly, normalised free cash flow rose by a significant 25% to £1.6 billion, surpassing previous guidance. Meanwhile, BT lifted its full-year dividend by 2% to 8.16p per share.

The company also reported £913 million in annualised cost savings, delivered through its ongoing transformation programme. However, net debt stood at £19.8 billion at year-end—substantially higher than the £15.2 billion anticipated by analysts.

CEO Confirms Strategic Progress and Outlook

Commenting on the results, Chief Executive Allison Kirkby reaffirmed the group’s guidance for the new financial year, projecting adjusted EBITDA in the range of £8.2 billion to £8.3 billion, alongside normalised free cash flow of around £1.5 billion.