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BT pretax profit falls, but backs annual guidance

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BT Group PLC said Thursday that nine-month pretax profit fell due to increased depreciation that offset earnings before interest, taxes, depreciation and amortization growth.

The U.K. telecommunications company
BT.A,
+1.01%

said revenue for the period to Dec. 31 was 15.59 billion pounds ($19.29 billion) compared with GBP15.68 billion a year earlier as the BT Sport disposal offset service revenue growth.

Pretax profit for the nine months was GBP1.31 billion compared with GBP1.54 billion a year prior. Adjusted Ebitda was GBP5.88 billion compared with GBP5.71 billion a year before.

BT backed its financial guidance for the year. According to company-provided consensus, the company is expected to make revenue of GBP20.53 billion and adjusted Ebitda of GBP7.91 billion for fiscal 2023.

It also said it will undertake the merger of Enterprise and Global to create BT Business, to enhance value for B2B customers and help deliver synergies as part of its GBP3 billion cost-saving target.

“We continue to accelerate our investments in the UK’s leading next generation networks; we’re combining our Enterprise and Global operations to create BT Business, a single, strengthened B2B unit; and we’re going further on cutting costs to deliver GBP3 billion in annualized savings by the end of FY25,” Chief Executive Philip Jansen said.

Write to Kyle Morris at kyle.morris@dowjones.com

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Jacob Keiter is a husband, a writer, a journalist, a musician, and a business owner. His journey to becoming a writer was one that was paved with challenges, but ultimately led him to find his true calling. Jacob's early years were marked by a strong desire for creative expression. He was always drawn to music, and in his youth, he played in several bands, chasing the elusive promise of fame and success. However, despite his best efforts, Jacob struggled to find the recognition he craved. It wasn't until he hit a low point in his life that Jacob discovered his love for writing. He turned to writing as a form of therapy during a particularly difficult time, and found that it not only helped him to cope with his struggles, but also allowed him to express himself in a way that he had never been able to before. Jacob's writing skills quickly caught the attention of others, and he soon found himself working as a journalist for The Sun out of Hummelstown. From there, he went on to contribute to a variety of publications, including the American Bee Journal and Referee Magazine. Jacob's writing style is reflective of traditional journalism, but he also infuses his work with a unique voice that sets him apart from others in his field. Despite his success as a writer, Jacob also owns another business, JJ Auto & Home, which specializes in cleaning. Jacob's commitment to excellence is evident in all of his endeavors, whether it be in his writing or in his business ventures. Today, Jacob is the author of two books and continues to inspire others through his writing. His journey to becoming a writer serves as a reminder that sometimes our darkest moments can lead us to our greatest achievements.

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