Report Overview


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BT FY 2009-10 Q2 results: more progress on cost reduction


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BT’s Q2 results, and improved guidance for the year to March 2010 provided further encouraging evidence of the new management team’s ability to take cost out of the business.
However, the group is in a phase of revenue decline, primarily due to recession, but also strong competition.
We continue to view limited deployment of next generation access as a worthwhile defensive move, but remain sceptical regarding the potential for uplift to shareholder value.