BT Group confirmed that it has achieved its goal of cutting annual costs by 1 billion pounds before March 2023. It is expected that the next round of details may be announced in this week’s financial report.
The company will announce its second-quarter results and transaction updates from senior management on November 4.
The Sunday Telegraph and several other news media reported that British Telecom has already completed its latest cost-cutting goal ahead of schedule and is evaluating the best time to detail the next phase of its so-called modernization plan.
The newspaper pointed out that British Telecom may announce new targets this week or in December, when Altice UK’s potential takeover offer can be legally initiated.
Less than a week ago, there were reports that BT had hired investment bank Robey Warshaw to help prevent shareholders from making any acquisition attempts when their obligation not to conduct a full-scale acquisition expired.
In a brief stock market statement on November 1, British Telecom confirmed that its reduction targets had been achieved, but did not provide details of future plans.
When disclosing this goal in 2020, Philip Jansen, BT’s chief executive, stated that BT needs to become “leaner, simpler and more agile” and will “redesign the old and outdated” Processes, rationalize products, reduce rework and close many legacy services.”
Part of the savings comes from the reduction of labor costs, continuing a project initiated by Jason’s predecessor, Gavin Patterson, to improve organizational efficiency.