BT shares opened over 9% higher in London Friday, following much better results than expected for the full year to the end of March.

Profits for the year came in at £2,7 billion up 11%, with the figures for Q4 showing a massive 21% improvement over the same period a year earlier.

Ian Livingstone, CEO of the BT Group said

" “We are doing what we said we would do. In an environment whereit is easier to focus only on the short-term, we are investing in our future and delivering growth in profits and dividends. We are driving fibre across the UK, launching high quality sports channels, investing in the high-growth regions of the world and will use our wi-fi capabilities and 4G spectrum to make sure our customers will be the best connected. We have created around 3,000 new jobs in the UK over the last year to support these investments.

“Our focus on improving efficiency across the business will allow us to continue to deliver strong financial results whilst making these investments.Our good performance this year is reflected in our dividend which is up 14% for the year.

“We have a lot more to do but we are now a lot better positioned to do it.”