The UK telecoms group reported £1.1 billion (about $1.5 billion) in pre-tax profit for the six months ended 30 September, while its workforce fell to 90,000, excluding its international business.
BT’s workforce fell by 7,731 from the end of March to 90,000, excluding its international business, as the UK telecoms group continued its cost-cutting program.
Most of the reductions were at Openreach, BT’s broadband network business, as fiber construction slowed and the group pursued cost savings, The Guardian said. BT calls the current measure total labor resource, which fell 11% from a year earlier; the available figures do not break the reduction down into employee redundancies and contractor departures.
BT said its pre-tax profit for the six months ended 30 September 2026, rose 12% from a year earlier to £1.1 billion (about $1.5 billion) because restructuring costs were lower and EBITDA, or earnings before interest, tax, depreciation and amortization, increased. The company attributed that EBITDA growth to lower staff costs and other savings, which more than offset falling revenue from voice services.
BT said it achieved £312 million (about $420 million) in annualized savings during the half year: a measure of savings over a year, rather than cash necessarily saved during those six months. It targets £3.5 billion (about $4.7 billion) in gross annualized savings by fiscal 2030 across continuing operations. Earlier this year, Kirkby said BT would raise its savings target from £3 billion by 2029 to £3.7 billion by 2030.
The group expects its workforce to be between 75,000 and 80,000 by the end of the decade. In 2023, it had estimated a range of 75,000 to 90,000 and said the introduction of AI across its business could eliminate the equivalent of about 10,000 roles. Chief executive Allison Kirkby, a former board member, has overseen the cost-cutting program since taking the role in February 2024.
BT now reports its international business separately as a discontinued operation after agreeing to combine it with a business of US telecoms company Verizon. Its half-year financial metrics are reported on a continuing-operations basis. BT expects the joint venture to be completed in the second half of 2027.
A separate decree adds 3 companies to the 4 already under temporary administration. Neither decree gives a reason for the intervention. Japan Tobacco shares remained untraded early on 9 November amid excess sell orders.
Openreach’s fiber network has reached 24.1 million premises, and BT expects it to reach its 25 million-premises construction target in March. Separately, BT’s October 5 acquisition of TalkTalk out of administration remains under regulatory review; Kirkby said she could not give details of plans for the business while the review continued.
3 min
Vietnam’s competition commission said on 5 November that the measures include a 32% combined-fee cap and about 3.9 billion dong (US$152,000) in reimbursements.
2 min
Fortune’s Term Sheet newsletter says the pan-European private equity firm has committed the money through a strategic minority investment in the wealth manager; completion requires regulatory approvals. Aspirity focuses on growth buyouts and strategic minority investments in financial technology and services, and enterprise technology and connectivity services.
2 min
