BT Q4 2016/17 results: Mobile strength, pressure elsewhere | Jun 2017

Sectors: 
Fixed Line
Internet
Media
Mobile
Technology
Telecoms
UK Media
Companies: 
BT
Liberty Global
Ofcom
Sky
TalkTalk
Vice Media

BT had a reasonable quarter in its consumer broadband business given market pressures, and a very strong one at EE with continued growth acceleration. It had a good quarter for fibre adoption as well, helping its wholesale divisions stabilise their revenue, but business/IT was weak as expected

Regulatory pressure remains intense despite the (welcome) Openreach agreement, with price cap regulation proposed or due on a range of products, and a regulatory approach which is far from investment-orientated

Pressures in the business/IT market are likely to continue, and pressures in the consumer broadband market are likely to intensify, justifying BT’s current cautious approach to guidance and dividends

Access BT Q4 2016/17 results: Mobile strength, pressure elsewhere