BT Q1 2010/11 results: strong cost control, but impact of government spending review remains uncertain
14 September 2010
BT continues to improve its performance through cost reduction, with Global Services continuing to lead the way
Although a strike appears to have been averted, the next few quarters will be tougher due to increased EBITDA ‘re-investment’
Management is sticking to guidance which is, like the government, conservative in nature. Nonetheless, in our view, the forthcoming government spending review could still prove challenging