There weren’t that many bright spots in today’s Q3 results (to 31st Dec.) for BT Global Services, but a cut in operating losses to £25m, from £35m this time last year and £31m the prior quarter, was indeed one of them.
The story on BTGS’ headline revenues was muted, with revenues down 4% yoy to £1.89b, 6% lower than the prior quarter. BTGS is a business of many parts (indeed, that’s part of the problem), and even the core part – ICT & Managed Networks – saw revenues slip 3% yoy and 9% qoq, to £1.27b. Moving contract milestones played their part again.
There was slightly better news (of sorts) on order intake, which rose by 14% qoq to £1.64b, though this was 2% lower compared to same time last year.
We have much work to do dissecting the numbers, but meanwhile, may I refer you to Phil Codling’s excellent analysis of the Q2 numbers (see here) which sets the scene admirably.
