From CNBC: 2024-05-16 07:54:48

BT Group Plc’s shares surged as the company announced plans for £3 billion in cost savings. CEO Allison Kirkby reported achieving its £3 billion transformation program ahead of schedule, leading to a new target of doubling cash flow in five years. Revenue increased slightly to £20.8 billion, but profit after tax dropped 55%.

The firm aims to save an additional £3 billion by the end of 2029, focusing on modernizing operations and optimizing the global business. Kirkby, who took over as CEO in February, plans to simplify the company for future growth. BT previously announced job cuts of up to 55,000 by 2030 to reduce costs and streamline operations for increased efficiency.



Read more at CNBC:: BT full-year results 2024