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BT FY 2008-09 Q4 results: clearing the decks - Venture Insights

Report Overview

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BT FY 2008-09 Q4 results: clearing the decks

PublisherEnders Analysis.
Publish Date May 15, 2009
Sector Fixed Line (Internet and Voice).
Company BT.

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BT’s Q4 results contained a bombshell £1.3 billion write-down at Global Services to correct previous under-reporting of costs on two contracts, believed to be with the NHS and Reuters. Underlying EBITDA at Global Services also dropped sharply for the second quarter running.

Annual pension contributions are to increase sharply, as expected, albeit to a level sustainable by the business. Performance at other divisions continues to be reasonable, given the economic environment.

The company’s plans to cut costs have some credibility, but are expensive and will take time to implement. There is little prospect of meaningful recovery in cash flow until 2010.