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BT to restructure Global Services after 'challenging year'
May 11, 2017 / 6:25 AM / 2 months ago

BT to restructure Global Services after 'challenging year'

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LONDON (Reuters) - BT, Britain's biggest telecoms group, said it would shake up its global service division that serves multinationals and scale back its dividend growth ambitions as it recovers from an accounting scandal in Italy and a profit warning.

FILE PHOTO: The logo for the British Telecom group is seen outside of offices in the City of London, Britain, January 16 , 2017.Toby Melville/File Photo

Reporting fourth-quarter revenue of 6.12 billion pounds, up 10 percent, and adjusted earnings of 2.07 billion pounds, up 2 percent and broadly in line with forecasts, the company said it had had a "challenging year".

It said it would cut 4,000 jobs from its Global Services unit, group functions and technology operations, taking a restructuring charge of 300 million pounds.

It paid a final dividend of 10.55 pence, up 10 percent, but said dividend growth in 2017/18 would be lower than the 10 percent it had previously targeted.

(The story was refiled to correct the third paragraph to show job cuts will be in group functions as well as Global Services)

Reporting by Paul Sandle; editing by Kate Holton

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