Revenue £15,676m, down 2%; declines primarily in Global and Enterprise partly offset by growth in Openreach;
adjusted2 revenue down 3%
Adjusted2 EBITDA £5,708m, up 2%; driven by tight cost management, lower indirect commissions and higher
revenue from Ethernet and fibre-enabled products, partly offset by declining revenue in Global and Enterprise
Reported profit before tax £1,537m, down 3%, primarily due to higher finance expenses and depreciation and
amortisation, partly offset by increased EBITDA
Normalised free cash flow2 £878m, up 6%, primarily due to increased EBITDA, lower cash tax payments and
improved working capital, offset by higher cash capital expenditure and one-off items in the prior year
Capital expenditure up 24% to £3,752m, primarily due to investment in spectrum, FTTP and mobile network
Group adjusted2 revenue now expected to be down around 2% for FY22 as a result of Covid-19 and supply
chain issues; all other outlook metrics unchanged