...BUT FORECASTS STRONG GROWTH IN SALES OF EUROPEAN SUBSIDIARIES

BT is predicting strong growth in the turnover of its European joint ventures, with group Chairman Iain Vallance anticipating an increase from GBP3 billion over the current year to GBP13 billion by 2006/2007. BT's share of this revenue should be worth about GBP4 billion. BT became involved in a number of joint ventures in continental Europe in the hope of benefiting from the liberalisation of the telecommunications market. Mr Vallance has also announced that BT proposes to return to shareholders profits from the sale of its 20% stake in the American operator MCI to WorldCom. BT is set to receive USD7 billion, a profit of USD3 billion, once the purchase has...