BT chairman Sir Christopher Bland has told shareholders that the telecoms giant has now put secure foundations in place and will increasingly focus on customers.

The outgoing chairman was speaking at his last annual general meeting (AGM) before he retires in September to be replaced by KPMG International chairman Sir Michael Rake.

Bland said last year’s performance was ‘very strong’ and that BT’s future is based on the solid foundations of financial stability, regulatory certainty and global capability.

But he outlined that the key to continued success is a customer-centric business.

‘The company will maintain a continual focus on customers. We succeed by understanding what they want today, and by anticipating what they will want tomorrow,’ he said.

Bland said that in the last year revenues grew by four per cent to more than £20.2bn, profit grew by 15 per cent to £2.5bn, earnings per share were up 16 per cent to 22.7p and the company has increased the full year dividend by 27 per cent to 15.1p.

He also said the company achieved the ratio of dividends to earnings of two-thirds one year earlier than planned and that BT expects to increase the dividend.

Reflecting on his six-year tenure at the company, Bland said that when he joined: ‘We were suffering from the ailments common to many European telecoms companies. We needed to raise cash, sell non-core businesses and reshape the business.’

He said these priorities were addressed within 12 months and that the company has established secure foundations on which future growth can now be built.

'We see a marketplace which is highly competitive but full of exciting opportunities. We have come a long way, but there is so much more to be achieved. There is a momentum in BT which continues to build, and management is clearly focused on the opportunities which lie ahead,’ he said.