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BT’s share price has risen half a per cent, after the company revealed a 14 per cent jump in pre-tax profits, which rose to £2.6bn for the year ending 31 March.

The company also proposed a dividend of 12.4p per share, a rise of 14 per cent.

Gavin Patterson, BT chief executive, said: “It’s been a ground-breaking year for BT, in which we’ve made some key decisions and announced some major investments to underpin the future growth of the business. Profit before tax and free cash flow have both grown strongly and we have delivered or beaten the outlook we set at the start of the year.

“Our superfast broadband network now passes more than three-quarters of the UK and we’ve announced plans to upgrade to ultrafast.  This will be another multi-year investment by Openreach and is the right thing for both BT and the UK, providing even faster speeds in an already competitive market.”

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