BTGOF reported an increase of 15,000 premises passed with full-fibre connections in the third quarter to end-December, bringing its total to over 3.1 million homes and businesses. This represents progress of 40% year-on-year in fibre build-out and emphasizes Openreach’s role in driving long-term infrastructure growth. However, overall group revenue fell by 4% to £4.98 billion, slightly below consensus forecasts of £5.1 billion, as legacy copper services continued to decline and corporate sales remained under pressure.

Despite top-line weakness, adjusted EBITDA of £2.6 billion was in line with analyst projections, supported by £250 million of cost efficiencies delivered through workforce optimization, network simplification and renegotiated supplier contracts. UBS analyst Polo Tang described the quarter as “very weak” on revenue, but acknowledged that operating discipline allowed the company to uphold its margin targets and maintain guidance for full-year free cash flow of around £2 billion.

Following the trading update, BTGOF shares climbed over 3%, marking their highest level since September of last year. Investors responded positively to the confirmation that the group is on track to meet its financial outlook for the year and noted that the share price has now recovered more than 100% from its low point in early 2020. Market watchers view this rebound as a signal of renewed confidence in the turnaround strategy under CEO Philip Jansen.