BT Group (LON:BT) (BTGOF) reported better-than-expected third-quarter profit and sales.
The company posted an adjusted EBITDA of 2.03 billion GBP, a 1% increase from the previous year and slightly above the expected 2.02 billion GBP. Adjusted revenue saw a 2.5% year-over-year growth, totaling GBP 5.34 billion, and exceeding the consensus estimates of 5.22 billion GBP.
The telecom operator’s shares were down 0.2% in London.
The consumer adjusted EBITDA stood at 661 million GBP, slightly surpassing the estimated GBP 660.3 million. The segment also recorded a 5% year-over-year increase in adjusted revenue, amounting to GBP 2.56 billion, and above the expected 2.5 billion GBP.
The company’s CEO Philip Jansen said in a statement that the company remains “on track” to meet its financial targets for FY24.
“BT has also retained its FY guidance which was marginally upgraded with 1H results: pro-forma revenues and EBITDA to grow in FY24; Capex to be c.£5bn and normalised FCF to be at the top end of the £1.0-1.2bn range,” analysts at Citi Research wrote in a note.
“We believe this is a reassuring update. We reiterate our Buy rating.”