BRITISH TELECOM'S PRE-TAX PROFITS TUMBLE 31.5%.

• Position: Company Financial Information

On 18 May, British Telecommunications (BT) announced a 31.5% decline in annual pre-tax profits for the year to April from GBP4.259 to 2.942 billion (_4.9 billion). Analysts were anticipating a figure of between GBP2.65 and 3 billion. In a statement, BT indicated that Turnover has risen 20.2% to GBP21.903 billion, "unprecedented growth" due principally to the Internet and to mobile telephony. Excluding extraordinary elements, goodwill payments and taxes, profits are down 5.3% to GBP3.1 billion. BT Chairman Iain...