UK markets closed
  • FTSE 100

    7,044.03
    -266.34 (-3.64%)
     
  • FTSE 250

    22,537.89
    -742.07 (-3.19%)
     
  • AIM

    1,181.62
    -22.34 (-1.86%)
     
  • GBP/EUR

    1.1776
    -0.0103 (-0.87%)
     
  • GBP/USD

    1.3338
    +0.0018 (+0.14%)
     
  • BTC-GBP

    41,098.48
    -436.15 (-1.05%)
     
  • CMC Crypto 200

    1,365.60
    -89.82 (-6.17%)
     
  • S&P 500

    4,594.62
    -106.84 (-2.27%)
     
  • DOW

    34,899.34
    -905.04 (-2.53%)
     
  • CRUDE OIL

    68.15
    -10.24 (-13.06%)
     
  • GOLD FUTURES

    1,785.50
    +1.20 (+0.07%)
     
  • NIKKEI 225

    28,751.62
    -747.66 (-2.53%)
     
  • HANG SENG

    24,080.52
    -659.64 (-2.67%)
     
  • DAX

    15,257.04
    -660.94 (-4.15%)
     
  • CAC 40

    6,739.73
    -336.14 (-4.75%)
     

BT hits £1bn cost-saving target 18 months ahead of schedule

·1-min read

BT has confirmed it has slashed its costs by £1 billion significantly ahead of schedule, driving a jump in the company’s share price.

The telecoms giant said it has delivered on the gross annual cost-savings plan 18 months ahead of its original March 2023 target.

BT confirmed the figures after its accelerated cost-cutting was reported in the Telegraph.

It comes amid speculation that the London-listed company is preparing for a possible takeover attempt by French telecoms tycoon Patrick Drahi.

Sky News reported last week that BT had hired advisers to strengthen its defence against a potential takeover bid.

Mr Drahi invested in BT in June, taking a 12% stake in the business, worth around £2.2 billion.

As part of the deal, Mr Drahi confirmed he did not plan to make a full takeover bid, but that was only binding for six months so it will expire in December.

BT’s cost-cutting figures came after the group revealed lower profits and revenues in the latest quarter.

Shares in BT were 4.4% higher at 145.05p in early trading.

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting