BT in rude health

NEWS BT has managed to turn in a healthy first quarter profit despite the general downturn in the telecoms market. Pre-tax profits were £322m compared to £200m for the same period last year, an increase of 61 per cent. However, the company's turnover is slowing. It achieved a two per cent increase of £4.6m. CEO Ben Verwaayen instead claimed improved efficiencies within the business had contributed to the strong profits. A further £304m was trimmed off BT's debt during the first quarter. Net debt now stands at £13.4bn. City analysts said BT's vigorous restructuring last year - which helped to shave more than £15bn from its debt mountain - was beginning to pay off. Ian Livingston, CFO of BT, said the focus on financial disciplines remained central to the telco's future strategy. Despite the good news, BT's shares dropped slightly as trading on the London Stock Exchange began this morning. However, as the morning progressed they rose steadily from opening at 205p to 210p