Dan Coatsworth, head of markets at AJ Bell, said: “BT’s exodus of broadband users is alarming, with a further 210,000 customers heading for the exit in the latest quarter. Any business losing customers at that rate would have alarm bells ringing and the chief executive given marching orders.
“In BT’s case, it has put a positive spin on events, predicting the loss of customers on a full-year basis will be slightly less than previously expected. The market is relieved, sending its shares up in early trading.
“Competition is growing, both in terms of price and providers, leaving sleepy BT to rely on its brand familiarity to attract new users and inertia to keep as many existing customers as possible. It’s no wonder the business is putting so much effort into cutting costs and improving efficiencies. BT is good at talking up its prospects, but the figures paint a different picture.”
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