By Maximilian Clarke
BT Group plc have today (Thursday) published their second quarter results for 2011, showing a 15% jump in profits despite a 2% overall drop in revenue.
Profits in the telecoms giant rose to £570m as revenue slid marginally to just shy of £4.9bn.
Shares in BT (LSE: BT.A) (were up by over 3% on the news, jumping 3.31%, compared to the FTSE 100 average of 0.28p.
The group added 46% to its total broadband customers, who nod occupy 63% of the DSL market.
Looking ahead, the group are anticipating strong yields from their recent expansion into the Latin American market.
“We have increased cash flow, profits and underlying revenue2 in the quarter,” commented Ian Livingstone, group chief executive. “This progress has been supplemented with positive operational performances in most of our businesses. We achieved a market leading 63% share of broadband net additions and another quarter of growth in fixed lines.
“We expect to continue to offset the economic headwinds through improved customer service and processes, better efficiency, and investment in the future of the business. This strategy and our financial results allow us to invest when others are merely talking about it. We are accelerating our fibre roll-out programme to cover two-thirds of the UK by the end of 2014 — one year earlier than planned and creating 520 new jobs. With the already announced government support, we believe there is the potential for fibre-based services to reach more than 90% of the UK within a few years thereafter.
“We are also investing across the world and have announced a programme to double our business in key Latin American countries in addition to our expansion in the Asia Pacific region announced last year.
“Our performance in the quarter reinforces but does not change our outlook for the year.”
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