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General

BT cuts outlook as Italian accounting problems grow

Tuesday 24 January 2017 | 08:35 CET | News
BT has warned of higher than expected costs for the accounting problems at its Italian operations, leading to a downgrade in its full-year outlook. The UK operator first announced last October the problems in Italy and said it expected the matter to cost around GBP 145 million. An investigation since then found that "the extent and complexity of inappropriate behaviour in the Italian business were far greater than previously identified", BT said. It found improper accounting practices and a complex set of improper sales, purchase, factoring and leasing transactions. This resulted in the

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Categories: General
Companies: BT
Countries: Italy / United Kingdom
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