Overview

• BT’s pre-tax profit for the quarter to June fell 10% to £468 million, weighed down by higher finance costs and depreciation.
• Adjusted revenues at BT declined 3% to £4.9 billion as weaker handset sales and challenging international markets offset fibre and price gains.
• BT extended its full-fibre broadband network to 19 million premises, including 5.2 million in rural areas, at a build rate of 81,000 per week.
• Chief executive Allison Kirkby reaffirmed the company’s long-term plan to meet 2025 targets and deliver £3 billion in cost savings by 2029.
• Lloyds Banking Group reported a £2 billion underlying profit, up 32% quarter-on-quarter, and raised its interim dividend by 15% to 1.22 pence after reiterating 2025 guidance.