BT shows promising signs of returning to growth ahead of market expectations
Thu 13 May, 2010 // Firstnumber TeamBritish telecoms giant BT has ridden out the financial downturn and forecast a return to growth by 2012.
Despite problems with its pension funds and negative cashflow, the company still intends to invest an extra £1 billion into high-speed fibre optic lines which will serve two-thirds of UK households.
BT has been given renewed confidence following revenues for 2009/10 amounting to £20.9 billion; ahead of its projected sum of £20.7 billion.
In a report by Reuters, business analyst Mike Kovacocy of Daiwa Securities:
“The turnaround is definitely in full gear now. BT are getting very close to actually growing the business again.”
The forecast return to profit isn't without its drawbacks however as the company also unveiled plans to shed another 5,000 jobs in a bid to save £2 billion by next April.
The job cuts are expected to affect agency and temporary staff up and down the country.
Do you have a BT phone line? You can make cheap international calls from as little as 1pence a minute from any BT phone line.
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