BT Drops 4% in Third Quarter

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BT Group plc (BT.L) has announced its results for the third quarter and nine months to 31 December 2009. BT has also made a separate announcement today in relation to the triennial funding valuation of the BT Pension Scheme.

Highlights of the report include revenue of £5,198m, down 4% but total underlying costs down 13% in the quarter, and savings of £1.6bn achieved in the nine months. BT also made a pension deficit payment of £525m made in the quarter.

Ian Livingston, Chief Executive, commenting on the results, said: “These results show that we are making progress. There is still a lot more to be done but our commitment to improved customer service and cost transformation is starting to deliver results and freeing up resources to invest in our future. In particular, we are one of Europe’s largest investors in super-fast fibre-based broadband and this will bring huge benefits to our customers and the UK.”