Report Overview


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BT FY 2009/10 Q3 results: recovery continuing, but longer term outlook uncertain


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BT’s Q3 results and improved guidance for the year to March 2010 showed the current turnaround is well on track. But revenue continued to decline and improvements were concentrated at Global Services, the results for which were flattered by the dire prior year comparable.
The UK business’s long term prospects also depend on successful deployment of next generation access, but this is over two years away.
The results were overshadowed by the Pensions Regulator initially expressing ‘substantial concern’ over some features of the pension deficit valuation and recovery plan that the company has agreed with the trustees. Clarity on this is also some way off.