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BT reveals strong broadband growth

BT released their first quarter results today with new wave revenue leading the way.

Overall revenue was up 3 percent across all groups.  New wave revenue was up 11% percent.  BT added 459,000 broadband connections in the quarter, bring the total to 11.2 million connections, including wholesale and LLU based connections.

Industry and market analysts had widely expected the increased competition from the likes of cheap broadband providers such as Carphone Warehouse to eat into its retail share of the market.  However, it appears BT is winning the broadband war on the retail side. 

The company’s “Total Broadband” product accounted for 38% of all new broadband connections in the quarter.  The company said it expects to maintains its position as the number one provider (based on total number of connections).

Ben Verwaayen, Chief Executive of BT said of the results:

“We have got the year off to a strong start with another robust all round performance. Revenue, EBITDA and earnings per share all continue to grow as BT builds on the achievements of last year.

“There is success across the board. BT Retail’s share of the broadband net additions in the quarter was 38 per cent; contract wins in BT Global Services and BT Wholesale were £2 billion; outside the UK we gained more than 100 new customers.”