BT reported a 3 per cent decline in revenue and a 4 per cent fall in core earnings for the third quarter, as its share price fell 6 per cent.

The operator said revenue was impacted by regulation, competition and declines in legacy products. BT has also estimated that the decision to allow Huawei only a limited presence in non-core elements of UK 5G infrastructure could cost £500 million (€593m) over the next five years. A large expense will be replacing the 4G Huawei infrastructure which BT had intended to upgrade with Huawei 5G kit.

Philip Jansen, CEO, BT Group, said: “BT delivered results slightly below our expectations for the third quarter of the year, but we remain on track to meet our outlook for the full year.”

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