BT Group ramps up cost cutting

BT Group has announced plans to cut costs by a further £700 million over the next four years as it reported flat annual earnings and falling revenues.

The telecoms giant is increasing its overall cost-saving target to £3.7 billion to offset pricing pressure.

CEO Allison Kirkby stated the company is focusing on its fiber rollout and reducing its reliance on legacy copper infrastructure.

BT also warned that the cost of smartphones could rise due to global chip shortages driven by the AI boom.

The company remains committed to its long-term dividend policy despite the challenging market conditions.