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BT to axe 4000 jobs worldwide as pre-tax profits fall

BT to axe 4000 jobs worldwide as pre-tax profits fall

BT announce they are to cut 4 thousand jobs.

The telecoms group described the year as "challenging" as it reported fourth-quarter revenue of 6.12 billion pounds, up 10 percent, and adjusted earnings of 2.07 billion pounds, up 2 percent and broadly in line with forecasts.

Financially it has been a challenging year for BT, in addition to the Italian business write-down, it has faced regulatory costs for the year of £479m, including the Ethernet issues. and integration costs of EE were £215m for the year. BT's new vision is to create a "more focused" digital business by taking advantage of cloud services to reduce its footprint of physical assets scattered around the globe. The turnaround will be overseen by Bas Burger, who will begin as the division's CEO in June following the departure of Luis Alvarez.

The committee had made "a number of hard decisions this year in light of these circumstances and exercised its discretion accordingly", Ball said.

Full-year revenue up 24 per cent to £24.1bn, mainly as a result of the contribution of EE and foreign exchange.

The positions will be cut across three divisions, which comprise global services, group functions, and technology, services and operations, BT said in its annual results statement. There had been speculation that it might be sold off, though BT had said it wanted to try to turn it around before considering a sale.




The U.K. -based telecommunications and TV provider said the job cuts come as it accelerates cost cuts in areas including global services, which provides communications services to businesses around the world.

The group's figures were hit by a £342 million Ofcom fine and related compensation payments. "We've faced headwinds in the United Kingdom public sector and worldwide corporate markets and must learn from what we found in our Italian business".

Shares fell 1.47% to 307.30p in early trading.

BT's PBT was 19% lower than in the previous year, with basic earnings per share down 33% at 19.2p.

"We anticipate these transformation programmes will save in total around £300m over two years, with a restructuring charge of around £300m over the next two years, with most of this being incurred in 2017/18", the company said.

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