BT Group Q1 Pre-tax Profit Down, Revenue Edges Up, Backs FY23 View; Stock Dips

Shares of BT Group plc (BT_A.L,BT, BTGOF) were losing around 5 percent in the early morning trading in London after the telecommunications firm reported Thursday that its first-quarter profit before tax declined 10 percent to 482 million pounds from 536 million pounds last year.

The company noted that increased depreciation offsett EBITDA growth.

Profit after tax, however, surged to 422 million pounds from prior year's 2 million pounds.

Adjusted EBITDA grew 2 percent from last year to 1.90 billion pounds.

Revenue for the quarter edged up 1 percent to 5.13 billion pounds from 5.07 billion pounds last year mainly due to improved pricing and trading in Consumer and Openreach.

Looking ahead, the company continues to expect fiscal 2023 revenue growth, and at least 7.9 billion pounds of EBITDA.

In London, BT Group shares were trading at 166.60 pence, down 5.39 percent.

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