BT reports rise in annual profits

BT has reported a rise in full year profits and says it has created 3000 new jobs in the last year.

BT’s profits rose 2% to £2.5bn for the year to 31st March but overall revenues fell 5% to £18bn.

The latest figures come only a day after BT said it would offer free Premier League football to its broadband customers, in a challenge to BskyB’s dominance of the UK’s sports pay-tv market.

BT has secured a 3 year deal to show 38 Premier League games a season. Chief Executive Ian Livingston said that currently only half of all British people pay for TV services, so there is plenty of scope for expansion as long as the service is affordable.

He said: “There is very strong demand for broadband and prices have come down.

“We are investing in our future and delivering growth in profits and dividends.

“We have created around 3,000 new jobs in the UK over the last year to support these investments.”

The results were slightly ahead of expectations and pushed BT’s overall share price up by 8% in early morning trading.

Sky shares dropped by 6% after BT announced the news.

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