According to Dow Jones' news website Market Watch, British Telecom Group issued a statement on the 16th, saying that the group has achieved a total cost savings target of 3 billion pounds one year ahead of schedule, and at the same time announced that it will cut costs by another 3 billion pounds (about 27.4 billion yuan) by the end of fiscal year 2029. In addition, the Group hopes to double its cash flow over the next five years. On this news, BT shares rose nearly 15% on the day. At the end of March, BT Group's revenue for the past financial year was £20.8 billion, up slightly from £20.7 billion in the previous financial year, but profit after tax fell to £850 million, down 55% year-on-year. BT Group is reportedly looking to simplify the company, transform and grow by accelerating modernisation of operations. Last year, the company announced plans to lay off 40,000 to 55,000 employees, or 31 to 42 percent of its total workforce, by 2030. The Group expects to focus on the UK in the future and gradually exit some overseas markets.
Article source: Reprinted by CCTV Finance
Editor: Wang Haoyi
Review: Hao Zili
Producer: Zhao Min, Zhong Xiao
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