• Key points for the fourth quarter:

    • Revenue of £5,422 million, up 2 per cent, with new wave representing 42 per cent
    • EBITDA before specific items and leaver costs of £1,569 million, up 2 per cent
    • Global Services EBITDA margin increases to 13.7 per cent
    • Profit before taxation, specific items and leaver costs of £714 million, up 3 per cent
    • Earnings per share before specific items and leaver costs of 7.0 pence, up 11 per cent
    • Free cash flow of £1,705 million, up 9 per cent
    • IAS 19 pension surplus of £2.9 billion, gross of tax

    Sir Michael Rake, Chairman, commenting on the full year results, said:

    “I am pleased to report that we are recommending a full year dividend of 15.8 pence per share, up 5 per cent from last year, reflecting the group’s strong performance and the Board’s continued confidence in the future of the business.

    I would like to express my and the Board's thanks to Ben Verwaayen who is stepping down as Chief Executive at the end of this month. Ben has been an exceptional CEO who has transformed the business through his vision and determination. Under his leadership, BT has developed a strategy which has delivered consistent profitable growth and laid strong foundations for the future.

    It is a tribute to the strength of the team he has built that the Board has been able to recruit his replacement internally. Ian Livingston has delivered brilliantly for BT both as group finance director and as the CEO of BT Retail.

    In 2008/09, we expect to deliver continued growth in revenue, EBITDA1 and earnings per share1 as we continue our transformation from a fixed-line business into a software-driven global communications services company. We also expect our free cash flow to be at a similar level to last year.

    I am confident that we have the right strategy and people in place to continue to deliver value for our shareholders and expect to increase dividends per share in 2008/09.”

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  • Key points for the third quarter:

    • Revenue of £5,154 million, up 1 per cent
    • New wave revenue of £2,014 million, up 7 per cent
    • EBITDA before specific items and leaver costs of £1,469 million, up 2 per cent
    • Global Services EBITDA margin increases to 10.9 per cent
    • Profit after taxation, before specific items and leaver costs of £475 million, down 2 per cent
    • Earnings per share before specific items and leaver costs of 5.9 pence, up 2 per cent
    • Continued strong broadband net additions of 511,000 of which BT’s retail share was 35 per cent

    Ben Verwaayen, Chief Executive, commenting on the third quarter results, said:

    “This has been another solid performance. We have delivered our twenty third consecutive quarter of year on year earnings per share2 growth.

    BT Global Services has shifted up a gear, delivering real growth in EBITDA2 margins. We won total contracts worth £1.9 billion in the quarter, and revenues outside of the UK grew by 22 per cent.

    We remain the UK’s number one retail broadband provider with 35 per cent of the installed DSL and LLU base, and BT Vision customers more than doubled in the quarter.

    We expect continued growth in revenue, EBITDA2, earnings per share2 and dividends, and a significant free cash inflow in the fourth quarter.”

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  • Organisation structure release

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  • Key points for the second quarter:

    • Revenue of £5,095 million, up 3 per cent
    • New wave revenue of £1,914 million, up 10 per cent
    • EBITDA before specific items and leaver costs of £1,448 million, up 2 per cent
    • Net specific items charge before taxation of £182 million, principally relating to the group’s transformation programme
    • Earnings per share before specific items and leaver costs of 6.1 pence, up 2 per cent
    • Continued strong broadband net additions of 479,000 of which BT’s retail share was 37 per cent

    Ben Verwaayen, Chief Executive, commenting on the second quarter’s results, said:

    “This is another solid set of results with revenue, EBITDA1 and earnings per share1 all continuing to grow. This is the twenty second consecutive quarter of year on year growth in earnings per share1. We are achieving significant transformation of our business which will deliver further efficiencies alongside faster, better, smarter services for our customers. We continue to be the UK’s number one retail broadband provider.

    “Total BT Global Services contract orders in the quarter amounted to £1.6 billion, bringing the value of total orders achieved over the last twelve months to £9.2 billion.

    “During the first half of the year we have made a number of acquisitions, both in the UK and overseas, to increase the breadth and depth of the services we offer our customers. These include Comsat International in Latin America, i2i in India and Brightview, Basilica and Lynx Technologies in the UK.

    “I am delighted to welcome Sir Michael Rake as our new chairman and look forward to working closely with him. His dynamism and vision will help us succeed as we move through BT’s transformation.

    “Our confidence in the future performance of our business is reflected in the interim dividend of 5.4 pence per share, which is 6 per cent higher than last year. This shows our ongoing commitment to improving shareholder returns”.

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  • Key points for the first quarter:

    • Revenue of £5,033 million, up 3 per cent
    • New wave revenue of £1,815 million, up 11 per cent
    • EBITDA before specific items and leaver costs of £1,425 million, up 3 per cent
    • Profit before taxation, specific items and leaver costs of £658 million, up 3 per cent
    • Earnings per share before specific items and leaver costs of 6.0 pence, up 3 per cent, our twenty first consecutive quarter of growth
    • Broadband net additions of 0.5 million to 11.2 million connections at June 30, 2007
    • BT Retail’s share of net additions was 38 per cent

    Ben Verwaayen, Chief Executive, commenting on the first quarter results, said:

    “We have got the year off to a strong start with another robust all round performance. Revenue, EBITDA and earnings per share all continue to grow as BT builds on the achievements of last year.

    “There is success across the board. BT Retail’s share of the broadband(2) net additions in the quarter was 38 per cent; contract wins in BT Global Services and BT Wholesale were £2 billion; outside the UK we gained more than 100 new customers.

    “We are keeping BT ahead of the game by delivering software driven services that will offer faster, more resilient and cost effective services to our customers wherever in the world they are.”

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