2009 Trading Updates and Turnaround
At the start of 2009, BT Global Services took a £340m writedown due to poor "cost controls" shortly after the resignation of its CEO François Barrault. Later in the year the company reported losses of £2.1bn, despite sales of £8.8 billion. BT Global Services then underwent a transformation programme, including cost saving initiatives, leading to substantial increases of EBITDA, operating profits and operating cash flow during its 2009-2010 financial year. In May 2010, BT announced an investment plan to increase its capabilities in the Asia-Pacific region. By the end of its 2010-2011 financial year, BT Global Services had increased orders with customers by 10% year on year, improved profitability, and became operating cash flow positive a year ahead of schedule.
Read more about this topic: BT Global Services
Famous quotes containing the word trading:
“His farm was “grounds,” and not a farm at all;
His house among the local sheds and shanties
Rose like a factor’s at a trading station.”
—Robert Frost (1874–1963)