BT Ireland has reported its first annual revenue increase for five years, with profit growth also resuming after a period of consolidation.
The Irish arm of the telecommunications group yesterday reported revenues of £757m (€944m) for the 12 months to the end of March. This, thanks largely to the impact of foreign exchange movements, was up by 1% on the previous year.
EBITDA (earnings before interest, tax, depreciation and amortisation) were up by 9%.
On a group-wide basis, BT yesterday reported a 16% increase in full-year adjusted pre-tax profits to £2.42bn but a 4% dip in annual revenues to £19.3bn.
Colm O’Neill, who has been with the company for three years but who only took over as chief executive of the Irish division last September, said the delivery of increased revenues, profits and free cash flow — which was up by 13% — despite the economic headwinds, “demonstrates the stability and strength of our business”.
“By continuing to transform our cost base and re-invest for growth, our products and solutions portfolio has never been stronger. Continued investment in building advanced communications networks across the island, coupled with excellent IT services capabilities, is proving to be our compelling differentiator in this market.”
In recent years, BT has re-aligned itself here as one of the leading networked IT services providers in the country, although it does still have a significant retail presence in the North. A broadband network services provision to Vodafone and a growing business-to-business client base has boosted revenues and the past 12 months has seen BT Ireland secure a number of new contracts with the likes of FBD Insurance, Tourism Ireland, the Department of Social Protection, Allianz Ireland, the PSNI and Belfast Metropolitan College.
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