Catherine Nash

Thank you, and welcome, everyone. I'm Catherine Nash, IR Director here at BT. On the call today, we have Ian Livingston, Chief Executive; and Tony Chanmugam, Group Finance Director. Tony will start with an overview of the financials for the third quarter and then Ian will go through the lines of business. We'll then hand over to you for questions. In the room with us today, we also have the chief executives from all our lines of business.

Before we start, I'd just like to draw your attention to the usual disclaimer on forward-looking statements. Please see this slide that accompanies today's call and our latest annual report on Form 20-F for examples of the factors that can cause actual results to differ from any forward-looking statements we may make. Both the slide and the annual report can be found on our website.

And I'll now hand over to Tony.

Anthony Everard Ashiantha Chanmugam

Thanks, Catherine. Good morning, everyone, and thank you for joining our results call. I'll start by running through the financial results for the third quarter. We've had a reasonable quarter in a challenging economic environment, with results broadly in line with or slightly ahead of expectations.

Revenue in the quarter was down 5%. This includes the impact of transit revenue, which fell GBP 109 million in the quarter. For the year-to-date, transit revenue was GBP 345 million lower. In terms of our more relevant measure, underlying revenue, excluding transit, was down 3%. As anticipated, this was a weaker performance than in the second quarter, mainly due to around GBP 60 million of contract milestones in Global Services, which were achieved in Q2 rather than this quarter. It also reflects tougher comparatives from some of our lines of business as I mentioned last quarter.

For the year-to-date, underlying revenue excluding transit was down 1.8%, which is consistent with our outlook for the full year. We delivered another quarter of growth in EBITDA, which was up 3%, reflecting our cost transformation programs. I'll say more on these shortly.

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