Investors in BT (BT.A) shouldn't pay much attention to the telecoms giant's stellar headline growth: currency movements lifted turnover by £201m in the reported period, while mobile giant EE - acquired in January - contributed over £2.5bn in revenue and £563m in cash profit. On an underlying basis, BT's sales inched up less than 1 per cent and cash profit dipped.
BT added 122,000 television users and 152,000 broadband customers, meaning it ended the period with 1.7m of the former and 4.5m of the latter. Average revenue per consumer rose about 9 per cent to £38.30 a month, driving consumer revenue up a tenth to £2.4bn. Underlying global services revenue rose as large one-off equipment sales and strong demand for call-routing services in the UK offset fewer orders. The segment inked a contract with tyre titan Michelin to provide managed network services in 43 countries, and renewed its contract with Unilever for connectivity, communications and regional data centres, spanning 700 sites in 96 countries.