By Kyle Morris

BT Group PLC said Thursday that pretax profit for fiscal 2022 rose as revenue slightly fell, and that it has finalized the sports joint venture with Warner Bros. Discovery.

The U.K. telecommunications group said pretax profit for fiscal 2022 ended March 31 was 1.96 billion pounds ($2.40 billion) compared with GBP1.80 billion for fiscal 2021.

Revenue was GBP20.85 billion compared with GBP21.33 billion a year earlier, reflecting a decline in enterprise and global.

BT said it is extending the cost savings target of GBP2 billion by the end of fiscal 2024 to GBP2.5 billion by the end of fiscal 2025.

For fiscal 2023, the company sees adjusted revenue to grow year-on-year and adjusted Ebitda of at least GBP7.9 billion.

The company declared a final dividend of 5.39 pence a share, bringing the full-year payout to 7.70 pence a share.

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

(END) Dow Jones Newswires

May 12, 2022 02:38 ET (06:38 GMT)

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