BT achieves $1.37 bn cost savings target ahead of schedule

BT said it delivered its annual 1 billion pounds ($1.37 billion) cost savings target 18 months ahead of schedule.
BT headquarter London
BT earlier reported revenue of £5.071 billion (–3 percent) and Adjusted EBITDA of £1.866 billion (+3 percent) during the first half of fiscal 2021-22.

Britain’s biggest broadband and telecoms group announced the news less than a week after a source confirmed it also appointed boutique advisory firm Robey Warshaw to help with its largest shareholder, Patrick Drahi.

The Franco-Israeli telecoms entrepreneur surprised investors earlier this year when he announced that he controlled 12.1 percent of BT, making him the biggest shareholder.

“Further to weekend press speculation, BT confirms that it has delivered on its 1 billion pound of gross annualised cost savings 18 months ahead of the March 2023 target,” it said.

The Telegraph reported at the weekend that BT was grappling with whether to announce new targets immediately or wait until after Drahi is allowed to launch a takeover in December.