TalkTalk Group Q4 2012/13 results: Return to revenue growth
Following a return to broadband subscriber growth last quarter, TalkTalk has now returned to overall revenue growth for the first time since acquiring Tiscali in 2009
Pay TV net adds nearly doubled to 150k; the associated SACs weighed on EBITDA, but TV did support the upper tier ‘Plus’ base returning to solid growth
TTG’s outlook is positive, save for uncertainties over regulation, and the unpredictable impact of BT Sport on broadband market shares |
Media, TV, Fixed line, Telecoms |
May 2013 Access this report
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UK broadband, telephony and pay TV trends Q4 2012: Solid and solidifying
Both subscriber and revenue growth in the UK home communications market perked up in Q4, with an easing of weather related supply-side constraints helping the former and firm pricing helping that latter. We expect both trends to continue into 2013
BT’s high speed broadband net adds accelerated in the quarter, as did that of the other DSL operators, albeit from a much lower base. High speed broadband is already a mass market phenomenon within the BT and Virgin Media subscriber bases, with it only a matter of time before this spreads further |
Fixed line, Non-UK Telecoms, Telecoms |
March 2013 Access this report
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TalkTalk Group Q3 2012/13 results: Return to growth
TalkTalk’s broadband base returned to growth in the December quarter after years of decline, helped by further churn improvements
The company gained a respectable 80k new pay TV subscribers after its Plus TV launch, and the overall Plus/Plus TV base continued to grow
Revenue growth was unchanged at -1.7% in the quarter, but given the timings of price changes we still expect a return to broadly flat or growing revenue next quarter |
Fixed line, Telecoms |
February 2013 Access this report
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Media & Telecoms: 2013 & Beyond (part 1)
Enders Analysis co-hosted its annual conference, in conjunction with BNP Paribas and Deloitte, in London on 15 January 2013. The event featured talks by 14 of the most influential figures in media and telecoms, and was chaired by Sir Peter Bazalgette. |
Media, Mobile, TV, Fixed line, Press, Internet, Music and Radio, Technology, Telecoms |
January 2013 Access this report
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Slides accompanying Media & Telecoms: 2013 & Beyond (part 1)
Slides from the presentations by the following speakers at the Media & Telecoms: 2013 & Beyond conference on 15 January 2013:
•Sir Martin Sorrell, CEO, WPP
•Michael Tobin, CEO, Telecity Group
•Liv Garfield, CEO, Openreach
•Dido Harding, CEO, TalkTalk Group
•Victor Zhang, CEO, Huawei UK & Ireland
•Cindy Rose, Executive Director of Digital Entertainment, Virgin Media |
Media, Mobile, TV, Fixed line, Press, Internet, Music and Radio, Technology, Telecoms |
January 2013 Access this report
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UK broadband, telephony and pay TV trends Q3 2012: Volumes falter, but pricing remains firm
After a host of TV-related announcements/launches last quarter, the main feature of the last three months has been price increase announcements, with all four of the large operators announcing a significant price increase(s) to take effect between December 2012 and February 2013 |
Fixed line, Telecoms |
December 2012 Access this report
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UK broadband, telephony and pay-TV trends Q2 2012
In this report we show our analysis of the performance, key trends, competitive dynamics and factors impacting the UK broadband, telephony and pay-TV markets
The first part of the report focusses on market level performance and KPIs such as volume and revenue growth, net adds, pricing and ARPU, and market shares as well as our analysis of key developments in high speed broadband and pay-TV offerings
The second covers the individual results of the four largest ISPs (BT, Virgin Media, BSkyB and TalkTalk Group) in the context of the wider market developments |
Media, TV, Fixed line, Telecoms |
August 2012 Access this report
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YouView: better late than never
YouView, the hybrid DTT/IPTV service backed by the public service broadcasters, is here, but with an initial retail box price of £300 it will be heavily dependent on the subsidies offered by ISP distributors BT and TalkTalk The TV market has evolved since YouView’s conception in 2008, with many other internet-enabled options now available; its managed and integrated approach gives it some advantages but doesn’t make it a ‘must have’ We expect YouView to mainly appeal to Freeview and BT Vision upgraders and project take-up between 1-3 million TV homes by 2015, though if the product improve |
Media, TV, Internet, Technology |
July 2012 Access this report
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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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TalkTalk FY 2011/12 results: walking the talk
Strong cost reduction and mix effects enabled TalkTalk to report a third successive year of high cash flow growth, in spite of declining revenue due to high churn The company appears to have retained its strong position at the value end of the market, and this should result in continuing sales combining with falling churn to generate positive revenue growth Although high speed broadband and a YouView-based TV offer will dilute profitability to an extent, this should be outweighed by other factors, generating further significant cash flow growth |
Fixed line, Telecoms |
May 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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Enders Analysis' Annual Conference
Enders Analysis co-hosted its annual conference, in conjunction with BNP Paribas and Deloitte, in London on 19 January 2012. The event featured talks by 13 of the most influential figures in media and telecoms, and was chaired by Sir Peter Bazalgette. An edited transcript of notes taken during the speaker presentations follows. |
Media, Technology, Telecoms |
February 2012 Access this report
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TTG FY 2011-12 Q3 trading update
Volume growth remained negative, but manageable, and there appears to be little evidence that TalkTalk’s value proposition is losing its appeal
Strong operating leverage, cost reduction and the growing popularity of uncapped bundles has enabled a significant upward revision to EBITDA guidance. However, free cash flow guidance remains unchanged
Management’s confidence regarding churn and further efficiency gains strikes us as credible, but we remain cautious about the potential for strong cash flow growth beyond this financial year |
Fixed line, Telecoms |
February 2012 Access this report
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Virgin Media's cable broadband speed upgrade: put that in your pipe
Virgin Media’s plan to double the line speed of most of its broadband customers is the latest in a series of moves to retain its position as the leading high speed internet service provider in the face of BT’s deployment of next generation access (NGA)
The move presages further price increases and an upgrade to offers for new cable customers, but is in the first instance about retaining the large existing base of cable customers currently on 10 Mbit/s |
Media, Fixed line, Internet, Telecoms |
January 2012 Access this report
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UK broadband and telephony trends to Q3 2011, residential broadband projections to 2016
In this presentation we show our analysis of trends in UK broadband and telephony to September 2011, together with our latest projections for residential broadband subscribers and market shares to 2016. Highlights for the 2011 September quarter include 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 high speed broadband pricing, and our take on the new guidelines on broadband advertising. |
Fixed line, Telecoms |
December 2011 Access this report
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TalkTalk Group 2011/12 H1 results: continuing strong financial performance, cloudier longer term outlook
TalkTalk Group’s H1 results saw a disappointing increase in subscriber churn, causing a minor downward revision to revenue and volume guidance for the current financial year
Management is making good progress in reducing costs and the company remains on track to meet its financial guidance for the full year
Customer satisfaction is improving and subscriber volume is expected to stabilise by June 2012. But the strength of competition from BT Retail raises questions about the potential for future growth in revenue and hence cash flow |
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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UK broadband and telephony trends: Summer 2011
In this presentation we show our analysis of trends in UK broadband and telephony to June 2011, based on the published results of the major service providers. This quarter’s edition includes a first look at high speed broadband subscriber volumes, and our analysis of broadband growth in 2010 based on data recently released by Ofcom. |
Fixed line, Telecoms |
August 2011 Access this report
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UK residential high speed broadband outlook: leading the horse to water
BT’s plans to deploy next generation access, combined with state-aided rural broadband projects, look set to give almost three quarters of UK households access to high speed broadband by 2016
New wireless technology is a feasible substitute for wireline for some low-end users and in specific areas, but we do not expect it to have a major impact on high speed broadband deployment |
Media, Fixed line, Internet, Telecoms |
July 2011 Access this report
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UK broadband and telephony trends: spring 2011
In this presentation we show our analysis of trends in UK broadband and telephony to March 2011, based on the published results of the major service providers. This quarter’s edition includes an updated outlook for broadband market subscribers and market shares to 2015. |
Fixed line, Telecoms |
June 2011 Access this report
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