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BT (BT +11.8%) soars after delivering a better-than-expected FQ4 report, hiking its full-year...

BT (BT +11.8%) soars after delivering a better-than-expected FQ4 report, hiking its full-year dividend by 14% to £0.095/share ($0.145/share, 3.3% yield), and announcing a £300M/year buyback plan for FY14 and FY15. BT expects FY14 normalized free cash flow to be even with FY13's £2.3B ($3.5B), and see it rising in FY15 to £2.6B ($3.9B). Capex in FY14 and FY15 is expected to be "broadly level" with FY13. BT's fiber subscriber base more than doubled in FY13 to 1.5M. But slumping wireline demand and lower mobile termination rates are taking a toll: Global Services revenue -3% Y/Y in FQ4, Retail flat, Wholesale -5%, Openreach (wireline infrastructure) -5%. (PR)
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