The telecoms firm will make the high-speed broadband available to 25 million homes by 2026.
BT has said it plans to invest parts of a Government tax deduction in rolling out its fibre broadband network to an additional five million homes.
The telecoms giant said it will accelerate the delivery of full fibre internet to 25 million homes by December 2026, ahead of its previous target of 20 million homes.
A recent review of the telecoms market by Ofcom (known as WFTMR), and a tax deduction announced by the Government in March, will allow it to “increase and accelerate” the roll-out, BT said.
BT is already building more full fibre than anyone else in the UK. Today we’re increasing our FTTP target from 20 million to 25 million premises to deliver further value to shareholders and support the Government’s full fibre ambitions @WeAreOpenreach https://t.co/Kd95rlgCcZ
— BT Group (@BTGroup) May 13, 2021
Chief executive Philip Jansen said: “Today we are increasing and accelerating our FTTP (Fibre to the Premises) target from 20 million to 25 million homes and businesses by December 2026 to deliver further value to our shareholders and support the Government’s full fibre ambitions.”
It came as BT reported a large dip in its financial performance for the last year.
Between April 2020 and March 2021 – a year heavily overshadowed by Covid-19 – profit dipped by 23% to £1.8 billion.
This was largely because of falling revenue, which was down 7% to £21.3 billion thanks in part to the impact of the coronavirus pandemic on the business’s consumer and enterprise divisions.
Investment in fibre and a bonus for frontline staff also ate into profits, BT said.
This morning we announce our full year 2021 results. BT comes out of this challenging year as a stronger business with an even greater sense of purpose. These results are in line with expectations and outline prospective future growth for our business. https://t.co/KoW6E2G0v1
— BT Group (@BTGroup) May 13, 2021
“BT comes out of this challenging year as a stronger business with an even greater sense of purpose,” Mr Jansen said.
“After a number of years of tough work, and as we look to build back better from the pandemic, we’re now pivoting to consistent and predictable growth.
“We are building a better BT for our customers, for the country, for our shareholders and for those who work for this great company – now and in the future.”
The business said it plans to bring back its dividend, which was suspended due to Covid, during this financial year. The payout is expected to reach 7.7p per share.
