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08/11/2001
BT reports second quarter losses of 1.3bn
Telecommunication giant BT has announced its results for the second quarter of the financial year, revealing losses of around £1.3 billion to the end of September.
While the sharp decline in the company’s profits can be pinpointed to the recent closure of a subsidiary – the corporate telecoms service venture Concert - the figure still falls below the amount predicted by most city analysts.
BT has also confirmed that its finance director, Philip Hampton is to step down next year. Mr Hampton is generally considered as the mastermind behind the company’s recent restructuring strategy, which has been BT’s debt mountain slashed in half, from a high of almost £30 billion. In leaving the company, Mr Hampton also joins chief executive Sir Peter Bonfield, who last week announced his decision to stand down, a year earlier than expected.
The focus will now fall on the fortunes of BT’s new wireless subsidiary, MMO2, which has now received shareholder approval. The demerger is set to happen on November 19, and BT has reported strong subscriber growth for the venture.
However, BT shares fell by six per cent before trading commenced on Thursday, and analysts have issued continuing warnings about the company’s ‘aggressive’ approach to demerging its array of businesses. (CL)
While the sharp decline in the company’s profits can be pinpointed to the recent closure of a subsidiary – the corporate telecoms service venture Concert - the figure still falls below the amount predicted by most city analysts.
BT has also confirmed that its finance director, Philip Hampton is to step down next year. Mr Hampton is generally considered as the mastermind behind the company’s recent restructuring strategy, which has been BT’s debt mountain slashed in half, from a high of almost £30 billion. In leaving the company, Mr Hampton also joins chief executive Sir Peter Bonfield, who last week announced his decision to stand down, a year earlier than expected.
The focus will now fall on the fortunes of BT’s new wireless subsidiary, MMO2, which has now received shareholder approval. The demerger is set to happen on November 19, and BT has reported strong subscriber growth for the venture.
However, BT shares fell by six per cent before trading commenced on Thursday, and analysts have issued continuing warnings about the company’s ‘aggressive’ approach to demerging its array of businesses. (CL)
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13 November 2001
Vodafone announces huge loss
Over-ambitious acquisitions during the late 1990's by UK mobile operator Vodafone has resulted in company posting losses of £8.45bn over the same period. The bulk of the loss stems from the company’s decision to absorb the cost of recent acquisitions now, rather than wait for their new subsidiaries to pay for themselves.
Vodafone announces huge loss
Over-ambitious acquisitions during the late 1990's by UK mobile operator Vodafone has resulted in company posting losses of £8.45bn over the same period. The bulk of the loss stems from the company’s decision to absorb the cost of recent acquisitions now, rather than wait for their new subsidiaries to pay for themselves.
26 July 2001
Union issues warnings over BT profit loss
Despite making some headway in reducing its amount of debt, British Telecommunications (BT) has revealed yet another quarterly drop in profits. Announcing figures for the second quarter, Chairman Christopher Bland said that BT had succeeded in reducing debt from the “unsustainable” level of almost £28 billion, as recorded in March of this year.
Union issues warnings over BT profit loss
Despite making some headway in reducing its amount of debt, British Telecommunications (BT) has revealed yet another quarterly drop in profits. Announcing figures for the second quarter, Chairman Christopher Bland said that BT had succeeded in reducing debt from the “unsustainable” level of almost £28 billion, as recorded in March of this year.
16 October 2001
BT abandons joint venture with AT&T
BT has announced that it is to hang up on its loss making $10 billion joint venture with US telecoms giant AT&T. The agreement to end the joint international telecoms business will see the accounts and networks set up under the Concert venture returned into the hands of parent companies BT and AT&T.
BT abandons joint venture with AT&T
BT has announced that it is to hang up on its loss making $10 billion joint venture with US telecoms giant AT&T. The agreement to end the joint international telecoms business will see the accounts and networks set up under the Concert venture returned into the hands of parent companies BT and AT&T.
13 February 2003
Slips and falls cost business £8m a year
Slips and trips at work cost a staggering £8 million per year to Northern Ireland employers and society in general, according to the Health and Safety Executive for Northern Ireland (HSENI).
Slips and falls cost business £8m a year
Slips and trips at work cost a staggering £8 million per year to Northern Ireland employers and society in general, according to the Health and Safety Executive for Northern Ireland (HSENI).
18 July 2001
UK UNEMPLOYMENT FALLS TO 25 YEAR LOW
THE rate of unemployment in the UK has fallen to its lowest level in 25 years. The Office for National Statistics (ONS) has revealed a drop in jobless figures for the eight consecutive month, with unemployment now standing at just over 960,000, following a decline of 12,000.
UK UNEMPLOYMENT FALLS TO 25 YEAR LOW
THE rate of unemployment in the UK has fallen to its lowest level in 25 years. The Office for National Statistics (ONS) has revealed a drop in jobless figures for the eight consecutive month, with unemployment now standing at just over 960,000, following a decline of 12,000.
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Northern Ireland WeatherThis Evening and Tonight:Showers, scattered in the evening, will clear by midnight leaving the night dry with clear spells. Perhaps a touch of ground frost. Cloud will spread east towards morning. Minimum temperature 2 °C.
