Nationwide reports record growth in new current account openings The building society reported that nearly one in five people switching their accounts became its customers in the six months to March, with 750,000 current accounts opened. Pre-tax profits for the year to March were £1.1bn, down 17% on last year. Read more.
BT reports 27% rise in full year sales to £24.1bn Pre-tax profit for the period was £2.6bn. BT also announced a major restructuring strategy that will involve cutting back-office jobs and investing more in customers service. The results follow the £12.5bn takeover of mobile operator EE. Read more.
Telefonica reports 4.8% rise in first quarter earnings The Spanish phone carrier and owner of O2 saw organic operating income rise to €4bn, excluding depreciation and amortisation, as it felt the benefit of higher prices in its main markets. Sales rose 5% in the period to €13.1bn. Read more.