BT FY 2009-10 Q2 results: more progress on cost reduction


20 July 2010

BT’s Q2 results, and improved guidance for the year to March 2010 provided further encouraging evidence of the new management team’s ability to take cost out of the business

However, the group is in a phase of revenue decline, primarily due to recession, but also strong competition

We continue to view limited deployment of next generation access as a worthwhile defensive move, but remain sceptical regarding the potential for uplift to shareholder value

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