BT Group (LSE:BT.A) launched an ~85m-share secondary offering to raise about £167m while reporting flat Q1 revenue (£4.3bn) and slightly lower EBITDA, reaffirming guidance and ~£2.0bn cash flow, as fibre adoption accelerates and Ernst & Young is proposed as future auditor.
Previous Week Recap
- BT Group Secondary Bookbuild For BT.A: BT Group launched a secondary accelerated bookbuild for BT.A of ~85m shares (≈0.9% of stock) targeting ~£167m gross proceeds; bookrunner managed and covered the trade.
- BT Q1 Revenue Flat, EBITDA Down: BT Group Q1 adjusted revenue £4.3bn flat y/y; adjusted underlying EBITDA £2.0bn, down 1%. Cited lower broadband/voice margins; reaffirmed full-year targets and ~£2.0bn expected cash flow.
- Openreach Adds Fibre Customers, Fibre >50% Revenue: BT Group (BT.A): Openreach added 574,000 net fibre customers, connecting 9.4 million premises with 40% take-up. Fibre now makes up over 50% of BT’s broadband revenue.
- BT To Appoint EY Auditor FY2028/29: BT Group plans to appoint Ernst & Young as auditor for FY ending 31 Mar 2029, pending shareholder approval at the 2028 AGM after a competitive tender required for public interest entities.
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