Yes, BT does make a profit. For the half year to 30 September 2024, the company reported a profit before tax of £967 million.
While this profit figure was 10% lower compared to the same period in the previous year, it still represents a substantial positive financial outcome for the telecommunications giant. The reduction was primarily influenced by factors such as lower revenue, an increase in specific operational costs, and higher net finance expenses, though these were partially offset by a reduction in reported operating costs.
Key Financial Highlights
Beyond the reported profit before tax, BT also demonstrated strong operational performance through its Adjusted EBITDA. This metric provides a clearer picture of the company's core profitability, excluding non-cash expenses like depreciation and amortization.
Here's a snapshot of the key financial figures for the half year to 30 September 2024:
| Financial Metric | Value (£m) | Change (vs. previous period) | Notes |
|---|---|---|---|
| Reported Profit before Tax | 967 | Down 10% | Primarily due to lower revenue, higher specific costs, and net finance expenses. |
| Adjusted EBITDA | 4,132 | Up 1% | Revenue flow-through more than offset by cost transformation initiatives. |
The increase in Adjusted EBITDA highlights BT's ongoing efforts in cost transformation and its ability to generate strong underlying earnings despite some revenue pressures. This indicates a healthy operational base supporting its overall profitability.
For more detailed financial results, you can refer to BT's official investor reports here.
