British Telecom (BT) announced its Q4 results posting £ 134 million loss which the company attributed to disappointing performance by is Global Services division. The company is set to initiate 15,000 more job cuts in addition to the earlier announced 15,000 job slashing. 

"I apologise to shareholders, it has been a difficult year," said CEO Ian Livingston.

The company expects revenues to fall by 5 % next year.

“As part of the cost savings initiatives we have reduced the number of full time employees by around 5,000. In addition to this, the number of indirect employees working through agencies or third party contractors was reduced by around 10,000,” said the company.

The company had to incur charges amounting to £1.3 billion related to the completion of contract and financial reviews in BT Global Services. There was also a specific item charge of £280 million related to restructuring of BT Global Services.