BT to connect five million more homes to high-speed internet Business News

BT has pledged to provide high-speed internet access to an additional five million homes under plans it says will create up to 7,000 jobs.

The telecommunications giant said it would take advantage of a government tax deduction announced in the March budget to speed up its fiber broadband rollout.

BT now aims to connect 25 million homes to broadband by fiber, ahead of its initial target of 20 million. According to BT, around 4.6 million premises already have high-speed fiber-optic connections.

Critics have said for years that BT took too long to install fiber broadband, which offers much faster internet than traditional copper-based connections.

Other companies that use BT’s network, including TalkTalk and Sky, have also complained about the cost.

CEO Philip Jansen said: “Today we are increasing and accelerating our FTTP (fiber-to-premises) target from 20 million to 25 million homes and businesses by December 2026 to deliver additional value to our shareholders and support the integral fiber of the government. ambitions. “

It comes as BT reported a 23% drop in pre-tax profits to £ 1.8bn between April 2020 and March 2021.

Profits were affected by the impact of Covid-19 on mainstream businesses, a bonus for frontline staff, increased costs of providing services and investments in the fiber network. Revenue fell 7% to £ 21.3 billion

“BT comes out of this difficult year as a stronger company with an even greater sense of purpose,” said Jansen.

“After several years of hard work, and as we seek to rebuild better after the pandemic, we are now heading for steady and predictable growth.

“We are building a better BT for our customers, for the country, for our shareholders and for those who work for this great company – now and in the future.”

BT said it plans to return its dividend to shareholders after it was suspended due to Covid. The payout is expected to be 7.7 pence per share.

More about this article: Read More
This notice was published: 2021-05-13 18:40:13