Shares in BT rose to a sevenweek high yesterday after the telecoms giant posted a four per cent rise in pretax profits - boosted by demand for high speed broadband services.
BT said it had more than doubled the number of broadband connections during the year to March 31, helping it to hit its five million target a year ahead of schedule.
It said pretax profits in the fourth quarter were up 21 per cent at £557 million, contributing to full-year profits, before goodwill and one-off items, of £2.085 billion.
The company, which has been focusing on broadband to offset a decline in its traditional fixed line business, said turnover in " new wave" businesses such as broadband rose 27 per cent to £1.4 billion.
Chief executive Ben Verwaayen said BT's fourth quarter performance had been excellent, representing five quarters in a row of underlying revenue growth.
"These are great results and we expect to see the overall revenue trends continuing," he added.