Publications

Format: Dec 2017
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Carphone Warehouse March quarter trading update and analyst day

Carphone Warehouse had a solid quarter, and its expectation of a currency-aided 9-10% growth rate in 2008/2009 distribution revenue looks achievable, as does guidance of 4-5% growth in fixed line revenue, unless loss of telephony-only customers accelerates

 

 

 

  • Carphone Warehouse
Telecoms, Mobile, Fixed Line 23 April 2008
Carphone Warehouse March quarter trading update and analyst day

In fixed line, net broadband additions for the quarter were strong at TalkTalk given a tough market, but remained firmly negative at AOL UK

We are sceptical of new guidance for fixed line for the year to March 2010, but still expect reasonable performance, given the slowdown in broadband market growth

The distribution business continued to defy the consumer downturn in volume terms, with 12% connections growth and a solid outlook for next year, although the pain is being felt at the margin level

  • TalkTalk
  • Carphone Warehouse
Telecoms, Fixed Line 22 April 2009
Carphone Warehouse Q1 2011/12 results: weak start to the year

CPW Europe had a weak first quarter, with like-for-like revenue growth of -3.3%, with all of the drop coming from the 18 to 24 month contract length shift in the UK

We expect its performance to improve through the rest of its fiscal year, but it will need to in order to hit even the bottom end of its full year guidance

The US mobile retailing operation is doing much better, with very strong revenue growth, and is likely again to exceed full year guidance

  • Google
  • Carphone Warehouse
  • Apple
Mobile, Telecoms, Technology 27 July 2011
Carphone Warehouse Q1 trading update: weathering the storms

Carphone Warehouse had a solid quarter on the distribution side given the current environment, with 6-7% underlying organic retail growth and roughly stable like-for-like figures

  • Carphone Warehouse
Telecoms, Mobile, Fixed Line 4 August 2008
Carphone Warehouse Q2 trading update: walking briskly against the wind

Distribution connection numbers were strong (+9%), especially on contract (+21%), despite a reduction in store expansion and the consumer slowdown which is affecting other consumer electronics businesses

  • Carphone Warehouse
Telecoms, Mobile 19 October 2008
Carphone Warehouse Q3 2010-11 results

CPW’s European volume and revenue growth dropped in the December quarter, but this was largely due to the higher mix of prepay in the Christmas period, with underlying trends (strong contract, weak prepay) unchanged

US volume growth surged to 34% as the company continued to roll out standalone stores in malls and shopping centres, and there appears to be plenty of growth to come

Looking forward, the UK business is likely to suffer from the longer handset contracts that have been rolled out by the UK mobile operators over the last two years, but continued strength in the US is likely to more than make up for this

  • Carphone Warehouse
Technology, Telecoms, Mobile 20 January 2011
Carphone Warehouse Q3 trading statement: is no news good news?

Carphone Warehouse’s core distribution business was firm, showing no signs of being harmed by Vodafone withdrawing its new contract business in the UK

  • Vodafone
  • Carphone Warehouse
Telecoms, Mobile 18 January 2007
Carphone Warehouse Q4 2010/11 results: weathering storms

CPW Europe had a difficult quarter, with volumes falling 9% and like-for-like revenue 2%, due to continued prepay weakness and the shift to 24 month contracts in the UK

The US business was again very strong, growing volumes at 26%, and this strength is likely to continue due to an acceleration in store roll outs

Keeping the European business flat in 2011/12 will be a challenge, but the US business is likely to more than make up for this at the group level

  • Carphone Warehouse
Mobile, Telecoms, Technology 5 May 2011
Carphone Warehouse September quarter trading update: continued resilience

At TalkTalk Group (TTG) net broadband additions at TalkTalk/AOL UK were unexpectedly strong, with low cannibalisation of Tiscali subscribers particularly good news

At the newly acquired Tiscali UK, the inevitable skeletons are starting to emerge from their cupboards. Management appears well prepared for the challenges, although it is early days

Carphone Warehouse’s distribution business grew connections at 2.1% during the quarter, another very creditable performance in a declining market, and it remains well positioned for the market recovery

  • TalkTalk
  • Carphone Warehouse
Telecoms, Mobile 7 October 2009
Carphone Warehouse trading update

The distribution side was slightly weak again, but the prospects for the Christmas quarter are much better, with the iPhone exclusivity a big help even if its sales prove to be weak

  • Carphone Warehouse
Telecoms, Mobile 9 October 2007
Carphone Warehouse trading update: clearer water

At TalkTalk Group (TTG) net broadband additions were solid, possibly helped by stronger growth in total market demand; but churn at Tiscali UK appears to remain high

TTG revenue was heavily distorted by the Tiscali acquisition but appears to remain in gradual decline on a like-for-like basis, due to continuing decline in non-broadband customers

Carphone Warehouse’s like-for-like distribution revenue showed a firm pick-up in the quarter, with it likely enjoying the first quarter of significantly improving market growth since the recession started

  • TalkTalk
  • Carphone Warehouse
Telecoms, Fixed Line 20 January 2010
Carphone Warehouse trading update: weathering the storm

Carphone Warehouse’s distribution business felt the recessionary chill for the first time in the December quarter, but its like-for-like organic growth of -1% was still far better than other consumer electronics retailers have fared

The market outlook is unfortunately still worsening. While we still expect Carphone Warehouse to outperform its competitors, its results are likely to get worse before they get better

In fixed line, net broadband additions were reasonable at TalkTalk but negative again at AOL. We are sceptical of the prospects for subscriber growth at AOL, and earlier guidance of 200-250k broadband net adds for the year to March now looks unlikely to be met

  • TalkTalk
  • Carphone Warehouse
Telecoms, Mobile, Fixed Line 16 January 2009
Carphone Warehouse: distribution steady but fixed line telecoms not yet out of the woods

The distribution business had a strong year, marred by a longer than usual Christmas hangover in the last quarter, but the early signs for the new financial year are promising

  • Carphone Warehouse
Telecoms, Fixed Line 9 June 2007
Carphone Warehouse: fixed line momentum regained, but distribution has a shakier start

The distribution business was slightly weak despite good like-for-like store sales, due to the lower quality ‘off-the-page’ newspaper advertisement business being successfully cut back by the mobile operators

  • Carphone Warehouse
Telecoms, Fixed Line 29 July 2007
Case studies: BuzzFeed, Vice, YouTube vloggers (Ofcom PSB review)

As part of Ofcom’s third review of public service broadcasting, Enders Analysis produced 12 case studies of online media services, examining how they contribute to the public service objectives. The full report and all case studies are available on the Ofcom website.

Here we present three of those case studies: BuzzFeed, Vice, and the phenomenon of YouTube ‘vloggers’ producing content for young people. These represent sources of innovative content unlike that found in traditional media.

The online services we assess attract younger audiences than traditional media, and also have a more flexible approach to monetising those audiences, relying on sponsorship, creative solutions and even events and book deals to capitalise on their brands.

Internet, TV, Media, Technology, Telecoms 16 December 2014
Challenges old and new: TalkTalk Group Q2 2015/16 results

TalkTalk’s results revealed a challenging market environment, with it struggling to maintain its broadband subscriber base given the onslaught from larger and more differentiated competitors

Revenue growth was still a healthy 6%, but this was helped by acquisitions, price adjustments and low margin mobile, with its EBITDA falling despite the drop in broadband customer growth and associated costs

Its cost savings programme and marked price increases are likely to allow it to grow EBITDA this year and next, with the impact of the cyber-attack being significant but short-lived, but its declining retail customer base is a longer term concern

  • TalkTalk
Telecoms 24 November 2015
Challenging future for internet TV aggregators

Hulu’s postponed UK launch, and the inability of SeeSaw and MSN to get carriage deals with the BBC and ITV, underscore the difficulty for internet TV aggregators of acquiring mainstream content

In-stream video advertising is nascent – we estimate it was worth just over 1% of UK TV ad spend last year – giving major channel operators/rights holders little incentive to syndicate their programming to online services

The future for ad-funded internet aggregators continues to look highly challenging, aside from YouTube, due to its audience scale and Google’s deep pockets

  • ITV
  • Google
  • BBC
Media, TV, Internet 12 March 2010
Changing times for Sky - fiscal Q1 2007 results

Fiscal Q1 2007 results show unexpectedly strong subscriber gross additions (14% up on Q1 2006) and a promising start to Sky Broadband in its pursuit of at least 3 million subscribers by December 2010. Management attributes the strong gross subscriber additions to the ‘halo’ effect of its broadband and telephony offer

Growth will likely slow from 2006's impressive levels, but the business is still a very solid core, with volumes, prices and commission levels likely to hold up well for the foreseeable future

As regards TalkTalk, the rate of customer migration onto fully unbundled lines continues to be an issue, but the situation is improving, albeit gradually

The appeal of the ‘free’ offer appears to have survived the serious customer service issues of 2006, but the new marketing campaign will need to boost subscriber growth significantly for it to remain on-track

  • Sky
Media 13 November 2006
Changing TV viewing habits of older viewers

The continuing value of linear television is underlined by the fact that television is still comfortably the biggest display advertising medium, and we expect to see strong growth in 2014 and 2015 in spite of the growing impact of online to TV viewing.

Viewing among the 35+s has held up well, and the subset of 45-64s, who control most of the UK’s disposable income and are heavy TV viewers while embracing new technology and modern attitudes, will become increasingly important for broadcasters as the age profile of the UK gets older.

We do not see an overall dramatic shift away from television to other forms of entertainment, though this cannot be taken for granted.

TV, Media 8 September 2014
Channel 4 adapting to change: 2014 annual report

After a testing 2013, which saw an 11% fall in audience share of main Channel 4, 2014 has seen a £30 million increase in total revenues to £938 million and return to financial surplus for the first time since 2011

Channel 4 is much more challenged than any other PSB group as well as much of the non-PSB sector by the steep recent decline in viewing among younger age-groups, yet has stuck close to its public service remit of reaching out to the 16-34s and a wide selection of minorities while maintaining its investments in programme origination

A buoyant TV advertising climate, innovative approach to content investment and focus within the digital space on getting to grips with the changing viewing behaviours of the 16-34s point to strong revenue growth in 2015

  • Channel 4
Media, TV, UK Media 16 June 2015

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