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BT Lifts Dividend Payout As Broadband Business Grows

BT accused Sky of “literally buying” broadband customers with cut price offers and product giveaways "as it faced stronger competition in its fixed line market during the second quarter," according to Daniel Thomas of the FINANCIAL TIMES. BT's share of broadband subscribers was lower than in recent quarters “due to strong promotional activity in the market,” which caused Morgan Stanley analysts to warn that “momentum [was] slowing in [the] consumer” business. BT added 88,000 broadband customers in the quarter -- compared with 75,000 at Sky -- "but its overall share of the market fell" to 48% in the quarter. BT CEO Gavin Patterson said BT would not fight rivals simply on price, adding that "we are not going to chase volume for the sake of it." Instead, BT is relying on its £2B ($3.2B) outlay on sports TV rights, "which are being offered for free to attract customers to its superfast fibre services." BT "lifted its dividend on the back of rising profits and an increase in such broadband customers attracted by the growing roster of exclusive sports." The gamble on TV by the telecom group "appears to be paying off," with BT posting a 7% growth in revenues for its consumer arm to a little more than £1B ($1.6B), "which managed to offset most of the declines in revenues shown in all other parts of the business." Group revenues "were down" 2% overall to £4.4B ($7B) in the second quarter (FT, 10/30).

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