BT Group UK:BT.A said it will cut up to 55,000 jobs by the end of the decade after posting financial results largely in line with company targets. BT says it is aiming to reduce its total labor force, which includes contractors, from 130,000 down to between 75,000 to 90,000 by fiscal 2028 to fiscal 2030. The company said revenue and adjusted EBITDA was in line with its outlook but normalized free cash flow of £1.33 billion was at the lower end of guidance due to spending on building the Openreach fiber network. For fiscal 2024, it’s targeting revenue and EBITDA growth on a pro forma basis; and normalized free cash flow between £1 billion and £1.2 billion. BT shares dropped 8% in early trade.
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