By Kyle Morris

BT Group PLC said Thursday that pretax profit for the first half of fiscal 2023 fell after booking depreciation and costs and it raised its cost savings target due to higher inflation.

The U.K. telecommunications company said that for the six months ended Sept. 30, pretax profit fell to 831 million pounds ($946.7 million) from GBP1.01 billion a year earlier amid increased depreciation from network build and higher costs.

Revenue was GBP10.37 billion compared with GBP10.31 billion.

Adjusted earnings before interest, taxes, depreciation and amortization--which strips out exceptional and other one-off items--was GBP3.87 billion compared with GBP3.75 billion.

The board declared an interim dividend of 2.31 pence a share.

Financial performance is on track, it said.

Given the current inflationary environment, including increased energy prices, it is taking further action on costs and is increasing the cost savings target from GBP2.5 billion to GBP3.0 billion by the end of fiscal 2025.

The company is guiding for fiscal 2023 revenue of GBP20.91 billion with adjusted Ebitda of GBP7.88 billion.

Write to Kyle Morris at kyle.morris@dowjones.com

(END) Dow Jones Newswires

November 03, 2022 03:39 ET (07:39 GMT)

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