BT's bravery has earned the company rich rewards

BT, it seems, is back, with a profit last year of £2.6bn, and a record number of broadband customers strengthening its hold on that highly competitive market.

It is something of a turnaround. Not so long ago, it seemed the game was up for what was once going to be a shining example of the power of privatisation, a pioneering company and a British institution – BT. When, in 1984, the Thatcher government started selling off chunks of what began as the Post Office Telephones division, BT was regarded as a world leader. By the turn of the millennium, heavily indebted and hit hard by the bursting of the dotcom bubble, BT seemed to have little future other than as a useful acquisition for better-managed foreign telecoms giants, often former state outfits themselves. It seemed a poignant end for the company many grew up with – Buzby, Maureen Lipman and JR Hartley included.

In recent years, BT’s management has shown a far surer touch. By far their most enlightened policy was to continue to invest heavily in the internet, via Open Reach, which continues to provide solid growth. Swallowing its pride, the firm is re-entering the mobile market, buying EE for some £12.5bn – a bold move, and one that will allow it to package up mobile services with fixed-line, TV and broadband.

The company also displayed considerable bravery in taking on Sky for a share of the lucrative Premiership football rights, deftly getting into the TV market. Its customer service seems to have improved along with its technology. Once again, we seem to be learning to love BT: oddly, with its strong presence in broadband especially, it is becoming almost as ubiquitous as when it was a nationalised monopoly.

Still, it is only fair to mention that starry-eyed shareholders who bought in at the height of the tech boom – at £15.13 a share in January 2000 – will feel a little short-changed at the closing price of £4.53. That’s what you call a wrong number.