London — British telecoms and television broadcasting company BT will axe 13,000 jobs in administration and management. BT said on Thursday, along with its annual results, that it would shed the jobs over the next three years as it looks to slice off an extra £1.5bn in costs. The former telecoms monopoly fell as much as 9.6% in early trade on Thursday, the most in 15 months, after forecasting that underlying revenue will drop 2% in the next fiscal year and adjusted earnings will be come in at least 1.3% below the £7.5bn reported on Thursday in full-year results. The company said it would maintain a flat dividend alongside a wide-ranging strategy update designed to answer uncertainties that have been weighing on the stock. The shares were down 6.9% to 222 pence as of 8.16am in London. The latest revamp will mainly affect back-office jobs, or support positions that tend to be based outside London, and middle-management roles. It will, however, seek to hire about 6,000 new employees fo...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.