BT posts flat sales and profits for the year

BT's said its year end group sales were up a modest 0.5 percent to £18.2 billion, with fourth quarter figures up 1.2 percent.

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BT's said its year end group sales were up a modest 0.5 percent to £18.2 billion, with fourth quarter figures up 1.2 percent.

The BT Global Services outsourcing business generated new orders worth £6.9 billion, up nine percent for the year. The operating profit for the business was £326 million - up 57 percent on 2013 - on posted sales of just over £7 billion

BT Business also grew its orders, which were up three percent to £2 billion. BT Wholesale achieved £1.9 billion of orders - slightly down on last year.

BT said BT Sport now had three million direct customers, with wholesale deals with partners - like Virgin - taking the service to five million UK homes.

Group profit before tax was stagnant at £2.3 billion. Free cash flow went up seven percent to £2.45 billion, although net debt was over £7 billion, mainly because of BT's massive company pension deficit of £5.6 billion.

Despite the flat sales and profits the BT board is recommending a share dividend up 15 percent.

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