Revenues and profits drop at BT after coronavirus led to cancellations of major sporting events
Revenues and profits fell at BT after coronavirus led to cancellations of major sporting events.
With very little action to put on TV, many customers quit BT Sport to the same degree, the telecom group said.
An increase in demand for better broadband services helped mitigate the impact, as millions of families staying indoors were looking for faster connections to work and enjoy themselves.
Misery locked: With very little action to put on TV, many customers quit BT Sport to the same degree
However, it meant that BT’s revenues fell 7 percent to £ 5.2 billion in the three months to June 30, and earnings fell 13 percent to £ 561 million.
The company said complaints about its broadband have fallen by 44 percent compared to the same period last year, which bottomed out.
It also continues to accelerate the rollout of advanced fiber broadband services and expects to have connected 4.5 million homes and businesses by March.
Baas Philip Jansen: “Despite Covid-19, BT has achieved a relatively resilient set of financial results.”
BT said it expected revenues to fall between 5 and 6 percent during fiscal year 2020-21.
And the £ 500 million it had already set aside to address the controversy over Huawei will cover the government’s policies that require the company to remove the Chinese telecom giant’s equipment from the 5G networks by the end of 2027.