UK's telecom giant BT has revealed that it has managed to cut as many as 932 Million Pounds in the first six months of the current fiscal year, on the back of strict cost cuts including lay-offs. In light of the new development, the company is now hoping to save nearly 1.5 Billion Pounds instead of the 1 Billion Pounds it had earlier targeted.
Currently, the group is looking to cut as many as 1,500 more jobs by the end of March in lieu of the trading difficulties it is facing at its global IT services division. Last year, the company had been plagued with problems due to the economic downturn which had left it 100 Million Pounds in debt. Chief executive Ian Livingston has, however, asserted that this year, there have been very encouraging signs pointing to a good growth in revenue.
BT has shared that the firm's underlying profits for the July-September period for the current year saw a 2% rise and stood at 1.44 Billion Pounds, a figure which managed to beat the 1.37 Billion Pounds estimate.
Although the company has said that it is still experiencing "challenging market conditions arising from a combination of the current economic climate, particularly in the business market, and competitive pressure", BT is confident of a good return on all the cost cutting it has incorporated in its structure.