BT stuns with £1.35bn loss

It's not the sort of money you just leave in the back of a taxi is it...

BT has suffered a huge loss of £1.35bn in its last financial quarter as it tries to unravel its complex joint venture with AT&T. Almost all the loss was down to the telco writing off costs associated with the closure of Concert. According to online reports, the company also confirmed that financial director Philip Hampton will step down next year. In spite of the loss associated with Concert, BT managed underlying profits of £1.39bn - a figure which just scrapes into the lower of end of analyst expectations. Shares dropped six per cent on the news.