Thousands of jobs axed
BT confirms jobs cull to cut £800m from costs
It said 13,000 will go in mainly back office and middle management roles over the next three years, confirming a Daily Business report last week that front-facing staff will not be affected.
It will be hiring 6,000 staff “to support network deployment and customer service”.
Gavin Patterson, chief executive, said: ““We provide products and services that are essential to both consumers and businesses, delivered through multiple channels to suit their needs.
“This position of strength will enable us to build on the disciplined delivery and risk reduction of the last financial year, a period during which we delivered overall in-line with our financial and operational commitments whilst addressing many uncertainties.”
“I am really excited to be delivering the next stage of BT’s transformation and have put in place the team that will support me in achieving these objectives.”
Alongside its jobs announcement, BT announced revenue down 1% for the year and 3% for the quarter. Underlying revenue was down 1% for the year and 1.4% for the quarter.
Adjusted EBITDA came in at £7.5bn for the year, down 2%, and £2.08bn for the quarter ,up 1%.
Profit before tax rose 11% for the year and was up 98% for the quarter mainly due to specific items in the prior year. Adjusted profit before tax was down 2% for the year but up 1% for the quarter.
The company proposes a final dividend of 10.55p, giving a full year dividend of 15.4p, unchanged from 2016/17.