The BT Group’s FTTP rollout now covers nearly six million premises according to its H1 results for FY22, with 1.3 million customers connected. The Group’s rollout has been boosted by a drop in build costs from £300-£400 per premises passed, to £250-£350.
BT also noted that its 5G network covers 40% of the UK population with its customer base at over 5.2 million.
Looking at the financial highlights: revenues dropped by 3% from £10,590m to £10,305m, Profit before tax dropped 5% from £1,062m to £1,009m and adjusted EBITDA grew 1% from £3,721m to £3,748m.
The results show that BT’s plans to become leaner have been successful as it hit its promises £1bn cost savings target 18 months early and is bringing its FY25 target for £2bn of savings to FY24.
CEO Philip Jansen said: “Looking further out, as we pass the peak of our fibre build and move towards an all-fibre, all-IP network, we expect a reduction in capex of at least £1bn and lower operating costs of £500m.
“From these two factors alone, by the end of the decade we expect an expansion of at least £1.5bn in normalised free cash flow compared to FY22, and that's before any benefits from increased revenue and further transformation efficiencies.”