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BT reports rise in annual profits BT reports rise in annual profits
(about 1 hour later)
BT has reported a rise in full-year profits and says it created 3,000 jobs in the UK in the past year.BT has reported a rise in full-year profits and says it created 3,000 jobs in the UK in the past year.
The telecoms firm said pre-tax profits rose 2% to £2.5bn for the year to 31 March, but revenues fell 5% to £18bn.The telecoms firm said pre-tax profits rose 2% to £2.5bn for the year to 31 March, but revenues fell 5% to £18bn.
The results come a day after BT said it would offer free Premier League football to its broadband customers, in a challenge to BSkyB's dominance of the UK's sports pay-TV market.The results come a day after BT said it would offer free Premier League football to its broadband customers, in a challenge to BSkyB's dominance of the UK's sports pay-TV market.
BT has won a three-year deal to show 38 Premier League games a season.BT has won a three-year deal to show 38 Premier League games a season.
BT chief executive Ian Livingston told the BBC that with only half of British people taking up pay-TV, there was plenty of scope for expansion, so long as the service was affordable.BT chief executive Ian Livingston told the BBC that with only half of British people taking up pay-TV, there was plenty of scope for expansion, so long as the service was affordable.
"There is very strong demand for broadband and prices have come down," he said."There is very strong demand for broadband and prices have come down," he said.
The company is proposing to increase its annual dividend by 14% to 9.5p.The company is proposing to increase its annual dividend by 14% to 9.5p.
Mr Livingston said: "We are investing in our future and delivering growth in profits and dividends.Mr Livingston said: "We are investing in our future and delivering growth in profits and dividends.
"We have created around 3,000 new jobs in the UK over the last year to support these investments.""We have created around 3,000 new jobs in the UK over the last year to support these investments."
The results, which were slightly ahead of expectations, pushed BT's share price up over 8% in early morning trading.
Richard Hunter, head of equities at Hargreaves Lansdown Stockbrokers, said: "BT has hit a sweet spot. Prospects for the company look extremely attractive.
"The company continues to generate high levels of cash whilst reducing its net debt, the global business is showing robust growth, and the fibre roll out, along with the company's strength in wi-fi and 4G, augur well."