BT share price up after profits rise

<p>Profits are up at BT.</p>

Stocks in BT are up this morning (May 10th) on the back of the news the company has announced a rise in its annual profits.

Data released by the firm shows its pre-tax profits rose two per cent to £2.5 billion for the year to the end of March, even though its revenues fell by five per cent in the same period to £18 billion.

BT chief executive Ian Livingston told the BBC he believes there is a lot of expansion room for the company to exploit in the future. BT recently released details of its new BT Sport venture, which includes the rights to show dozens of Premier League football matches live next season.

"There is very strong demand for broadband and prices have come down," he said, adding the company has created 3,000 jobs over the course of the last 12 months.

Following the announcement its profits have risen in the last year, the share price of BT was up by 8.6 per cent in early trading this morning.

At 08:25 BST, stocks were selling for 299.20, up 23.5 points on the start of the day.

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