BT confirmed it has trimmed down its overall headcount at the telco by 2,000 people so far this year, noting its cost-cutting plans remain on track.

The UK telco said that the cuts meant it was able to deliver £433 million ($561m) in gross annualized cost savings during the first half of the financial year.

BT's overall headcount now stands at around 118,000, down four percent year-on-year.

The company has made it a priority to cut costs where it can, notably announcing plans in May to save a further £3 billion ($3.89bn) in costs by the end of 2029.

Last year, the telco giant announced plans to cut 55,000 jobs by the end of the decade, affecting its operations both in the UK and globally.

However, despite the progress being made with its cost-cutting measures, BT revealed that it has reduced its sales guidance for the financial year.

The telco reported a 10 percent drop in pre-tax profits to £967m ($1.25bn) for the first half until September 30, as revenues fell three percent to £10.1bn ($13.1bn).

BT, which had initially forecasted revenues to grow by up to one percent for the financial year, now expects annual revenues to drop by one to two percent.

The company blamed this on trading outside the UK. BT has been linked this week with a sale of its international arm.

“We have accelerated the modernization of BT Group in the first half of the year," said Allison Kirkby, BT chief executive.

"We’ve ramped up our full fiber build and connections, seen further improvements in customer satisfaction, and our cost transformation contributed to growth in EBITDA and normalized free cash flow despite revenue declines driven by our non-UK operations and a competitive retail environment."

Providing an update on the company's fiber rollout, which is being deployed by its subsidiary Openreach, BT noted that it has reached more than 16 million premises, including 2.1m in the first half of this financial year. Openreach is looking to hit 25 million premises by the end of 2026.

As for mobile, BT said that it has 12.5 million customers on its 5G network, up 25 percent YoY.