UK fixed telecoms market: broadband and telephony trends to Q1 2012
In this report we show our analysis of trends in UK broadband and telephony to March 2012, based on the published results of the major service providers.
Highlights for the March quarter include broadband subscriptions exceeding 21 million, a sudden uptick in broadband market net additions and local loop unbundling accounting for a record 40% of broadband subscriptions. The proportion of unbundled lines that are fully unbundled exceeded two thirds for the first time. |
Fixed line, Telecoms |
June 2012 Access this report
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Vodafone and Cable & Wireless Worldwide: a UK telecoms milestone in prospect
Vodafone’s proposed acquisition of Cable & Wireless Worldwide is far from a done deal and is unlikely to be completed until September
The cost synergies are real but likely slim, with the main rationale being to cost effectively expand Vodafone’s fixed enterprise business in the UK, and to gain the expertise to do this elsewhere |
Mobile, Fixed line, Telecoms |
April 2012 Access this report
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UK fixed telecoms market: broadband and telephony trends to Q4 2011
In this presentation we show our analysis of trends in UK broadband and telephony to December 2011, based on the published results of the major service providers.
Highlights for the December quarter include a return to the lower rate of broadband market growth seen prior to mid-2010, accelerating growth in the number of subscribers to high speed broadband and the continuing increase in market share of BT Retail and BSkyB at the expense of virtually all other players
This quarter’s edition includes a look at Openreach’s wholesale FTTP On Demand, planned for launch in 2013. |
Media, Fixed line, Internet, Telecoms |
February 2012 Access this report
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Cable & Wireless Worldwide: Turnaround or acquisition, easier said than done
Cable & Wireless Worldwide’s new CEO Gavin Darby has outlined a turnaround strategy for a business which is not performing that badly in context, against the backdrop of Vodafone considering a bid to buy the company
Mr Darby’s strategy is yet to be finalised, but in outline contains lots of initiatives which are good in theory but hard to implement in practice, especially in a weak macroeconomic climate, in the face of intense competition |
Mobile, Fixed line, Telecoms |
February 2012 Access this report
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C&W Worldwide H1 2011/12 results
Cable &Wireless Worldwide’s performance for the six months to September was weak but made to look worse by one-offs
Underlying performance continues to be hit by strong competition and loss of voice revenue, but the impact of this has been made worse by underinvestment in data centres and neglect of the wholesale and SME businesses
The outlook for the year to March 2012 is poor, in line with the June warning. Beyond that, further investment in hosting and related capabilities will be necessary, and we continue to expect modest growth |
Fixed line, Telecoms |
November 2011 Access this report
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Openreach's revised pricing for Physical Infrastructure Access
Openreach has announced large cuts in the prices of some important components of physical infrastructure access (PIA). A further substantial reduction in duct prices is possible as a result of an adjustment by Ofcom to Openreach’s regulatory asset value (RAV)
The reductions are helpful to the economics of bids by altnets such as Fujitsu for government funds to deploy rural next generation access (NGA), and to Virgin Media, as it expands its existing cable network footprint |
Fixed line, Telecoms |
October 2011 Access this report
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Cable & Wireless Worldwide full year results 2010/11
C&W Worldwide’s performance over the year to March was weak, with the most meaningful metrics showing positive but very low growth
The sharp decline in the mid-market business appears to be over, but price pressure and accelerating loss of ‘traditional’ voice revenue is preventing further progress
Guidance for the year to March 2012 is uninspiring. Beyond that, growing momentum in cloud services and the overseas businesses should generate more significant progress, but organic growth looks set to remain modest |
Fixed line, Telecoms |
May 2011 Access this report
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Ofcom’s wholesale charge proposals: slightly negative for BT, slightly positive for others
Some of Ofcom’s proposed wholesale charge controls for Openreach fixed access services sound stringent
However, we estimate that the overall financial impact on BT and other players is likely to be very small
We do not expect the proposals to result in changes to many retail prices, but they should tilt the playing field slightly in favour of BT Retail’s competitors, particularly smaller providers of broadband and business services |
Fixed line, Telecoms |
April 2011 Access this report
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Cable & Wireless Worldwide interim results 2010/11: not much excitement
C&W Worldwide’s performance over the six months to September was strong in terms of cash flow growth, although this was partly due to lower bad debt cost
Revenue decline is easing, but weakness in the mid-market business and reduced public sector spending are weighing on EBITDA
Looking ahead, this should improve somewhat, as the retail mid-market business recovers, but we expect growth in the core business to remain unexciting |
Fixed line, Telecoms |
November 2010 Access this report
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Cable & Wireless Worldwide annual results to March 2010: continuing strong cost control
C&W Worldwide’s first set of annual results since demerger were flattered by the inclusion of a full year of Thus
Nonetheless, management has continued to execute well despite difficult market conditions. Excellent cost control generated another year of strong underlying cash flow growth, albeit from a low base
Looking ahead there are grounds for continuing optimism, despite minimal guidance, although the rate of cash flow growth is set to drop, as cost reduction becomes progressively more challenging |
Telecoms |
May 2010 Access this report
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Cable & Wireless half year results to Sept 2009: rum punch
The international business (CWI) has been hit by a sharp downturn in tourism, but performance at the UK-based business (Worldwide) remains on course, despite declining revenue
The initial announcement of an intention to demerge Worldwide from CWI will be followed by more details by the end of November |
Fixed line, Non-UK Telecoms, Telecoms |
November 2009 Access this report
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Cable & Wireless full year results to March 2009: strong cost control
The UK and international businesses (now ‘Worldwide’ and ‘CWI’) are both continuing to perform well, despite weak revenue growth, thanks to strong cost control. Worldwide is now generating cash organically for the first time in memory
Performance at the newly-acquired Thus has been slightly below expectations, mostly due to increased customer churn. The sale of the ‘mid-market’ part of the business is a possibility |
Mobile, Fixed line, Non-UK Telecoms, Telecoms |
May 2009 Access this report
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Cable & Wireless half year results to September 2008: free at last
The UK business (EAUS) is continuing to improve ahead of guidance as expected and its turnround can now be judged a success. Management has announced an aggressive plan to extract synergy from the recently acquired Thus |
Mobile, Fixed line, Telecoms |
November 2008 Access this report
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Cable & Wireless/Thus: a deal worth doing
In our view the potential for synergies from an acquisition of Thus by C&W, though more limited than might be supposed, would still have a significant impact on the combined entity at the EBITDA level |
Mobile, Telecoms |
July 2008 Access this report
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Cable & Wireless full year results to March 2008: International still weak but continuing progress in the UK
International performance continued to be weak apart from Macau, although well within EBITDA guidance. Turnaround in Jamaica remains a significant challenge |
Fixed line, Non-UK Telecoms, Telecoms |
May 2008 Access this report
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Cable & Wireless half year results to September 2007: International weak but encouraging progress in UK
International performance was hit by problems in Jamaica and was weak generally except for Panama and Macau |
Telecoms |
November 2007 Access this report
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Cable & Wireless full year results to March 2007: a start is a start
The performance of the international business remains solid |
Fixed line, Telecoms |
May 2007 Access this report
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Cable & Wireless annual results ending 31st March 2006
International subsidiaries continue to perform solidly |
Telecoms |
May 2006 Access this report
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Cable & Wireless UK business update. "My gaff, my rules."
C&W UK’s new Chairman John Pluthero’s turnaround strategy involves shedding 27,000 business customers and focusing on 800 of the largest accounts
Viability is a major concern. Although the Freeview channels and much of the on-demand content will be free, subscriber acquisition costs probably will exceed £200, while per subscriber on-demand revenues are unlikely to amount to much more than £1 or £2 per month |
Telecoms |
March 2006 Access this report
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Cable & Wireless - take away the number you first thought of...
C&W UK has warned of a sharp drop in organic EBITDA for C&W UK in 2006/07
The main underlying culprit was churn; as we predicted, this has risen as the subscriber base matures, choking off subscriber growth and increasing costs |
Telecoms |
February 2006 Access this report
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