BT Ireland revenues jump 29%

FIXED-LINE phone operator BT Ireland delivered its best-ever results yesterday, as full-year revenues surged 29% to €372 million and quarterly profits were in the black for the first time.

The increased revenues came on the back of a 35% hike in revenues from corporates as the company, which changed its name from Esat BT recently, beat off stiff competition to land high-profile contracts with AIB, Bank of Ireland, drinks group C&C, food giant Greencore and the Government. Business telecom services account for the bulk of revenues, but it also made strong progress in the residential market and signed up 35,000 broadband high-speed internet access customers. It has about 100,000 customers using its basic dial-up internet package.

Earnings before interest, tax, depreciation and amortisation, the key performance benchmark for the telecom industry, rose 13% to €43m in the year to March. It also had good news on operating profits by reaching breakeven over the last three months of the year. Capital spending nudged 2% higher to €33m to support its investment in its network and equipment but will be followed up by a further €100m spend going forward.