BT profits fall 37% after Italian accounting scandal

BT's profits have slumped by more than a third as it counted the cost of a damaging accounting scandal in its Italian business. The update came as the group's Europe boss Corrado Sciolla left the telecoms giant in the wake of the revelations about the scandal earlier this week that helped wipe £8bn off its value as its shares fell by a fifth. BT said pre-tax profits fell 37% to £526m for the third quarter to the end of December.