BT plans to 'break losing streak'

UK telecoms group BT has launched a plan designed to boost annual sales by 3% for each of the next four years.

Pierre Danon, chief executive of BT Retail, told analysts that the new strategy will see the company transform itself "from a ponderous Sumo wrestler into a lean and agile Samurai swordsman."

BT aims to push new products such as home gaming and broadband internet access, while boosting revenue from fixed line calls through aggressive price discounts.

The company added that it will push ahead with previously announced plans to cut 13,000 jobs by April 2003.

BT to break 'losing streak'

"By making this change, BT will finally break its losing streak," Mr Danon said.

BT's share price has fallen by nearly two thirds over the last year after the company racked up a multi-billion pound debt bidding for new generation telecommunications licenses.

The company was forced to sell off many of its overseas interests to cut its debt, effectively abandoning ambitions to become a global player in the telecoms market.

BT shares stood 8p lower at 268p in afternoon trade in London.