BT swings back into full-year profit

BT van BT says it is now more efficient than it was

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UK telecoms company BT said it made a profit of just over £1bn ($1.49bn) in the year to 31 March, compared with a loss of £244m during the previous year.

Over the past two years, BT has cut cost, including the lay-off of about 35,000 staff - a fifth of its workforce.

BT is now ready to invest another £1bn in superfast broadband, said chief executive, Ian Livingston.

The results sent the shares sharply higher in early trading.

BT said the £1bn investment, on top of an already announced £1.5bn spend, would mean two thirds of UK homes would have access to super-fast broadband by 2015.

Super-fast broadband

It said four million homes will have access to superfast broadband by the end of this year.

BT Group

Last Updated at 02 Mar 2015, 11:30 ET BT Group one month chart
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The faster broadband will support BT's plan to expand its television offering, which is currently based around its on-demand digital TV service BT Vision.

Some 20,000 of the jobs cut came during the past year. As a result BT now has a quantity of vacant space in its properties.

BT operates in 170 countries and says one of its key plans involves investing in its global services business.

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