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BT overtake Virgin as top UK broadband provider

BT revenues are up 3 percent for the fourth quarter with a 14 percent growth in broadband and networked services.

BT also announced that it has overtaken rival Virgin Media to become the UK’s top broadband provider.  BT said it now has a 26 percent share of the retail broadband market with over 3.66 million broadband customers.  There were Broadband net additions of 0.8 million to 10.7 million as of March 31, 2007.

The incumbent also announced a 2.5-billion-pound share buyback programme and a 27 percent rise in the dividend payout.

Ben Verwaayen, Chief Executive, said:

“We have finished the year with a terrific all round performance. The figures show BT in great shape – revenue, EBITDA, earnings per share and free cash flow are all growing and new wave businesses now generate 40 per cent of our revenues. I am particularly pleased that BT is now the UK’s number one retail broadband provider. BT Global Services had an excellent quarter securing orders worth £3.4 billion and winning more than 200 new customers.

“We have announced a new structure to take us into the next phase of our transformation as we seize the opportunity to deliver software driven services over our broadband network; providing our customers with faster, more resilient and cost effective services wherever in the world they are.”