Makes 'solid start' to the year, Easyjet Q3 pre-tax profits slump

BT Group set a “solid start” to the year, but the wider market showed pressure as EasyJet’s quarterly earnings fell. BT reported adjusted revenues of £4.3bn in its first trading quarter, roughly flat year-on-year, alongside adjusted underlying earnings of £2bn, down 1%, as lower broadband and voice margins outweighed “strong cost transformation.” BT also reaffirmed full-year targets, including around £2bn of cash flow. Budget carrier EasyJet posted a 70% drop in third-quarter headline pre-tax profit to £85m from £286m, blaming high fuel prices and softer consumer demand tied to the Middle East conflict. Elsewhere, Centrica’s underlying earnings fell to £737m for the six months ended June 30, from £900m, amid nuclear price declines, outages and Spirit Energy asset disposals. The airline news arrived amid takeover uncertainty and EU scrutiny of airline ownership rules.