Financial results:
Results in line with our revised outlook issued in January 2017, except for normalised free cash flow1 which is c.£300m ahead due to earlier than expected customer collections that will reverse next year
Reported revenue up 27% for the year and up 10% for the quarter. Underlying revenue2 excluding transit adjusted for the acquisition of EE down 0.2% for the year and 0.9% for the quarter
Reported basic earnings per share down 33% for the year and 49% for the quarter. Adjusted3 earnings per share for the year and quarter down 9% and 13% respectively
Reported profit before tax down 19% for the year and 48% for the quarter. Adjusted3 profit before tax up 5% for the year and down 6% for the quarter
Specific items before tax were £1,178m for the year and £591m for the quarter
Adjusted3 EBITDA of £7,645m for the year, up 18%, and £2,069m for the quarter, up 2%, with underlying EBITDA2 adjusted for the acquisition of EE down 2.9% for the year and 4.6% for the quarter
Net cash inflow from operating activities £6,174m for the year, and £1,591m for the quarter and normalised free cash flow1 £2,782m for the year, and £834m for the quarter
Outlook: 2017/18 underlying revenue2 broadly flat, EBITDA3 £7.5bn - £7.6bn and normalised free cash flow1 of £2.7bn - £2.9bn, as the working capital benefit to 2016/17 from earlier than expected customer collections reverses
Proposed final dividend of 10.55p, up 10%, giving a full year dividend of 15.40p, also up 10%. Dividend policy remains progressive but 2017/18 dividend growth to be lower than the 10% previously anticipated
