BT’s Irish arm pays €289m dividend to UK parent
Operating profit rose to €33.8m at communications company in 2018
BT Communications Ireland Limited recorded a 7 per cent drop in revenues to €425.5 million for the 12 months ending March 2018. Photograph: Getty Images
BT Ireland paid a €289 million dividend to its UK parent in 2018, a year in which revenues slipped but operating profits climbed.
Newly filed accounts for the group’s operations in the Republic show BT Communications Ireland Limited recorded a 7 per cent drop in revenues to €425.5 million for the 12 months ending March 2018.
Managing director Shay Walsh attributed the dip in turnover to a decline in wholesale revenue driven by mobile termination rate reductions.
He said turnover was also impacted by the sale of the BT Expedite business in October 2016 and the discontinuation of related products being sold.
The accounts for BT, the second largest fixed-line communications and IT services company in the State, show operating profit increased to €33.8 million from €18.8 million, although this was mainly due to a change to internal recharging within the BT Group.
BT Communications Ireland Limited provides global connectivity and networked IT services to both the public and private sector. It also offers wholesale network services to more than 50 communications companies, including Sky.
The subsidiary employed 608 people at the end of the financial year with staff costs, including wages and salaries, totalling €55.25 million.
The group said there had been increased demand from customers over the year for high speed and wireless networks, global connectivity, unified communications, and cloud and data services.