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Friday, July 30, 2010

Financial Times
BT reported a four-percent decline, to GBP5 billon, in group revenue for the first quarter to June 30. Pre-tax profit rose 38 percent year-on-year to GBP375 million, while earnings per share rose 32 percent to 3.7p following staff reductions. Operating cash outflow at Global Services narrowed significantly, from GBP465 million to GBP38 million.  However, BT said that part of the improvement at Global Services was due to a 21-percent drop in capital spending, to GBP103 million, due to the timing of projects from some of its larger customers. CEO Ian Livingstone described the first quarter as “acceptable” and said, “Despite the challenging environment, these financial results underpin our outlook for the full year.” BT has pledged to achieve positive cash flow next year. 

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