BT plans an additional 700 million-pound cut in costs over the next four years, lifting its total cost savings target to 3.7 billion pounds and extending the restructuring programme to March 2030.

The restructuring plan launched in May 2024 will now cost 1.4 billion pounds in total, up from 1.0 billion previously, with up to 55,000 jobs expected to be cut worldwide by 2030.

BT had previously signaled up to 55,000 job cuts by 2030 and has already reduced staff by 7%, bringing total headcount to about 108,000, with the year projecting further reductions.

Under CEO Allison Kirkby, management says the firm is making progress on financial guidance and ongoing transformation, while weighing a stake sale in its international business to refocus on the UK market.

Openreach’s broadband losses persist as low-price rivals enter, even as BT’s consumer division grows in broadband, mobile, and TV; Openreach broadband losses totaled 825,000 over the year, with an expected 800,000 more losses in 2026-27.

BT’s underlying earnings were flat at 8.23 billion pounds for the year to March 31, with underlying revenues down 4% to 19.65 billion pounds; statutory pre-tax profits rose 8% to 1.44 billion pounds.

UK service revenues are expected to remain under pressure in 2026-27, forecast at 15.1 to 15.4 billion pounds, while total revenue for the year is seen at 19 to 19.5 billion pounds and earnings around 8.2 to 8.3 billion.

BT has narrowed overseas exposure by selling its Italian business and previously agreeing to sell its Irish wholesale and enterprise unit; shares fell about 3% after results despite a 2% dividend increase.

BT anticipates total global headcount ending at the lower end of 75,000 to 90,000 by 2030, after reductions bringing the workforce down to 108,000.

Annual cost savings from the restructuring have reached 1.5 billion pounds, with 580 million pounds delivered in the year to March 31, and the workforce reduced by 7% to 108,000.

Kirkby says BT has delivered on financial guidance, is transforming ahead of plan, and remains resilient amid headwinds while competing in the market.