BT reports its first quarter results. Group turnover was flat year on year at 4,586 million pounds (EUR 6568.07) in 1Q03. This performance represents an improvement on the 1 per cent underlying decline in turnover in the fourth quarter of last year. The 3 per cent decline in the group's core business was offset by the 23 per cent growth in new wave revenues. The consumer sector has shown continued growth although revenue from SME's declined. Group operating profit before goodwill amortisation at 730 million pounds for the quarter was 160 million pounds higher than the first quarter of last year. The group achieved a profit before taxation, goodwill amortisation and exceptional items of 502 million pounds, an increase of 56 per cent. major broadband milestone was passed in the first quarter. The initial target of one million wholesale broadband connections was achieved in early June, ahead of the target date. The challenging target had been set in February 2002 when BT had only 143,000 connections. There was an installed base of 1,058,000 ADSL lines at 30 June 2003 and at the end of the quarter weekly orders were in excess of 25,000, a 127 per cent increase compared to the end of the first quarter last year.
