BT Cuts CEO Bonus as Profit Falls

By Rory Gallivan Features Dow Jones Newswires

BT Group PLC (BT.A.LN) said Thursday that fourth-quarter pretax profit fell and that it won't pay its chief executive a bonus for the full year.

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The U.K.-based telecommunications and TV provider reported a pretax profit of 440 million pounds ($568 million) for the three months ended March 31, down from GBP845 million the previous year, despite increasing revenue to GBP6.12 billion from GBP5.57 billion.

The final dividend rose 10% to 10.55 pence.

BT said CEO Gavin Patterson and outgoing finance director Tony Chanmugam won't receive a bonus for the year ended March 31, a period marred by accounting irregularities in its Italian business, issues related to the U.K. infrastructure business Openreach and other challenges.

Mr. Patterson will receive GBP1.3 million for the period, down from GBP5.3 million the previous year, while Mr. Chanmugam's total payment falls to GBP258,000 from GBP2.8 million.

BT said it expects underlying revenue to be broadly flat for the current financial year.

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-Write to Rory Gallivan at rory.gallivan@wsj.com; Twitter: @RoryGallivan

(END) Dow Jones Newswires

May 11, 2017 02:43 ET (06:43 GMT)