The boss of BT has bought more than £2 million of shares in his own company, just a day after announcing a major new investment drive.
Chief executive Philip Jansen bought 1.25 million shares at £1.63 each, according to new filings with the London Stock Exchange.
The purchase on Friday came the day after Mr Jansen announced plans to “build like fury across the country” on the back of a Government tax deduction.
The company last Thursday announced that it would connect 25 million homes to fibre broadband by 2026, an increase of five million from its earlier target.
It put the new investment in large part down to the Government’s “super deduction”, which is designed to unlock investment to help fuel a post-Covid recovery.
The deduction allows companies to cut their tax bill by up to 25p for every £1 they invest in the UK.
BT calculated that it will pay only “minimal” corporation tax in the UK over the next couple of years, thanks to the deduction. It normally pays between £200 million and £300 million each year.
His latest investment means that Mr Jansen has put just over £10 million of his own money into BT shares.
He also took advantage of a dip in the company’s share price after it announced the investment spree and its financial results for the past year.
In the 12 months to the end of March 2021 profit dipped 23% and revenue fell 7%, BT said on Thursday.