Charting our progress
Our investments are delivering for the business and we expect them to support our goal of sustainable, profitable revenue growth. Combined with a continued focus on cost transformation across the group, we aim to grow our EBITDA. This will drive long-term cash flow growth for the business. We will continue our prudent financial policy of investing in our business, reducing net debt, supporting the pension fund and paying progressive dividends.
| 2013/14 | 2014/15 | 2015/16 | 2016/17 | 2017/18 | YoY change | |
|---|---|---|---|---|---|---|
| Revenue1 | £18,287m | £17,840m | £18,879m | £24,082m | £23,746m | -1% |
Underlying revenue2 excluding transit |
+0.5% | -0.4% | +1.9% | -0.2% | -1% | |
| EBITDA1 | £6,116m | £6,193m | £6,459m | £7,645m | £7,505m | -2% |
| Profit before taxation1 | £2,827m | £3,094m | £3,351m | £3,532m | £3,444m | -2% |
| Earnings per share1 | 28.2p | 30.6p | 31.8p | 28.9p | 27.9p | -3% |
| Full year dividend | 10.9p | 12.4p | 14.0p | 15.4p | 15.4p | unchanged |
| Capital expenditure3 | £2,346m | £2,317m | £2,622m | £3,454m | £3,522m | +2% |
| Normalised free cash flow4 | £2,450m | £2,830m | £3,098m | £2,782m | £2,973m | +7% |
| Net debt | £7,857m | £5,113m | £9,838m | £8,932m | £9,627m | +8% |
| Customer service improvement | +1.5% | +4.7% | -3.0% | +6.4% | +4.3% | |
| Our people | 87,800 | 88,500 | 102,500 | 106,400 | 105,800 | |
| BT retail broadband customers | 7.3m | 7.7m | 9.0m | 9.3m | 9.3m | |
|
2.1m | 3.0m | 4.1m | 4.9m | 5.7m | |
| Total Openreach broadband lines | 18.5m | 19.3m | 19.9m | 20.4m | 20.7m | |
|
2.7m | 4.2m | 5.9m | 7.7m | 9.8m |
Trend in underlying revenue excluding transit
Year ended 31 March
Customer service improvement
At 31 March
Adjusted earnings per share
Year ended 31 March
Normalised free cash flow
Year ended 31 March
For more information on our financial results visit our Investor section.
For more information on our social and environmental performance visit our Purposeful business section.
EBITDA: Earnings before interest, taxation, depreciation and amortisation.
1 Before specific items.
2 Excludes specific items, foreign exchange movements and disposals and is calculated as though EE had been part of the group from 1 April 2015.
3 Before purchases of telecommunications licences.
4 Before specific items, purchases of telecommunications licences, pension deficit payments and the cash tax benefit of pension deficit payments.
