BT Group has released its Q2 2024 financial results, showcasing significant progress in its strategic priorities and continued transformation efforts. The company achieved a record full-fibre (FTTP) build, passing over 1 million premises in the quarter at an average build rate of 78,000 per week. This expansion brings BT's FTTP footprint to 15 million, including 4.2 million rural premises, with an additional 6 million where initial build is underway. BT’s FTTP customer base surpassed 5 million during the quarter, driven by strong demand with orders up 29% year-on-year and a take-up rate of 34%. Openreach, BT’s infrastructure division, saw broadband ARPU grow by 6% year-on-year due to price rises and increased FTTP volumes, despite broadband line losses of 196,000.
Consumer broadband ARPU increased by 1% year-on-year to £42.4, while Consumer postpaid mobile ARPU rose 0.5% to £19.8. The consumer base showed resilience in a competitive market, with the broadband base down 28,000 (a 0.3% decline) and the postpaid mobile base down 15,000 (a 0.1% decline). The retail FTTP base grew by 36% year-on-year to 2.7 million, with 2.6 million in the consumer segment and 0.1 million in business.
Additionally, BT’s 5G base reached 11.3 million, up 22% year-on-year.
The company's Business segment faced challenges from legacy managed contract declines and reduced low-margin sales, but cost transformation efforts provided some offset. BT Group's Net Promoter Score (NPS) improved to 25.1, up 0.3 points year-on-year, reflecting enhanced customer experience.
Key Metrics:
- FTTP Build: Over 1 million premises passed in the quarter, average build rate of 78,000 per week
- FTTP Footprint: 15 million premises, including 4.2 million rural premises
- FTTP Customer Base: Surpassed 5 million, with orders up 29% year-on-year and a take-up rate of 34%
- Openreach Broadband ARPU: Grew by 6% year-on-year
- Openreach Broadband Line Losses: 196,000, with higher competitor losses and weaker broadband market
- Consumer Broadband ARPU: Up 1% year-on-year to £42.4
- Consumer Postpaid Mobile ARPU: Increased 0.5% year-on-year to £19.8
- Consumer Broadband Base: Down 28,000 quarter-on-quarter (0.3% decline)
- Consumer Postpaid Mobile Base: Down 15,000 quarter-on-quarter (0.1% decline)
- Retail FTTP Base: Grew 36% year-on-year to 2.7 million (Consumer: 2.6 million, Business: 0.1 million)
- 5G Base: 11.3 million, up 22% year-on-year
- BT Group NPS: 25.1, up 0.3 points year-on-year
- Adjusted Revenue: £5.1 billion, down 2% from Q1 FY24
- Adjusted EBITDA: £2.1 billion, up 1%
- Reported Revenue: £5.0 billion, down 2%
- Reported Profit Before Tax: £520 million, down 3%
- Sustainability Recognition: Named one of the "World’s Most Sustainable Companies 2024" by TIME Magazine and Statista
BT accelerates FTTP build
