Format: Jun 2019
sort descending Sector(s) Date
BT Total Broadband Anywhere: Fusion enhanced, but still nowhere

BT’s new mobile product, BT Total Broadband Anywhere, is sensibly being sold as an optional add-on to its broadband line up, maximising the cross-selling opportunity

Telecoms, Fixed Line 7 May 2008
BT unscheduled trading update: further drastic revisions at Global Services, with more to come

BT’s latest trading update involved a massive £340 million one-off charge to reflect a more cautious view of contract profitability and realign reported performance with cash flow; in addition reported GS EBITDA for the quarter to December is expected to be negligible

There will be little visibility of improved performance at GS until the various ongoing reviews of the business are completed, with a further charge related to one or more NHS contracts the most likely outcome

Performance at the rest of BT group is continuing to be relatively resilient, and price changes at BT Retail and Openreach should help to an extent. But GS looks likely to prove a major drag on group performance well into 2010

Telecoms, Fixed Line 23 January 2009
BT Vision

BT plans to launch BT Vision – its hybrid Freeview-IPTV service – in Q4 2006. The aim is to broaden the appeal of its broadband offerings and help it to withstand aggressive competition from local-loop unbundlers such as Carphone Warehouse, Wanadoo/Orange and, soon, BSkyB 

Of the three known candidates, BSkyB stands to gain the most from acquiring AOL UK’s customer base, except that it would deepen an already challenging LLU cash flow profile. Orange’s market position would also be significantly strengthened by acquiring AOL UK’s customer base, with the added benefit of displacing a potentially harmful rival in BSkyB 

Media, Telecoms 8 May 2006
BT vs. Sky at the Court of Appeal

BT’s case that the Competition Appeal Tribunal failed to address the reasons why the premium sports market works badly will finally arrive at the Court of Appeal tomorrow. We think BT’s chances of success are low, though a win would substantially enhance its competitive position in its battle against Sky BT’s complaint is that it has always wanted to retail Sky Sports channels, however Sky has always been unwilling to wholesale them, thereby resulting in no prospect of effective competition in the provision of premium sports on TV Ofcom implicitly endorsed BT’s position when it introduced the Wholesale Must Offer remedy. However, Sky took its case to the Competition Appeal Tribunal, which overturned Ofcom’s WMO remedy on the grounds of misinterpreting the evidence, only for BT to retort by taking its case to the Court of Appeal, which is to deliver a final verdict on whether BT is disadvantaged by Sky’s alleged anti-competitive behaviour

  • Sky
Media, TV, Telecoms, Fixed Line 4 December 2013
BT Wholesale Broadband Access Speeds

BT Wholesale will launch IPStream Max, a rate adaptive ADSL product, on 31st March 2006, providing a downstream data rate greater than 6.5Mbit/s – a line speed that should support a wider range of good-quality video applications – to 25% of UK telephone lines

We believe that its focus on 3G is to blame, and the company seems poised to repeat this mistake with a focus on the latest industry fad, convergence 

Telecoms 22 March 2006
BT Yahoo! Broadband

BT and Yahoo! recently announced the launch of BT Yahoo! Broadband for September 2003, a co-branded DSL transport/personalised home page/broadband portal service. The goal is to revitalise BTopenworld, which lost 10 percentage points in DSL market share in H1 2003. The new service will be provided to BTOW subscribers at the same price as the DSL service today, improving BTOW's value-for-money proposition and providing clear proprietary differentiation over other ISPs.

  • Yahoo
Media, Telecoms 17 July 2003
BT's away game

BARB viewing figures provide an encouraging start to BT in its first season showing Champions League and European televised rights; numbers are on a par with those achieved by Sky over the previous few seasons

The investment in rights is not just about achieving good viewing figures - BT’s entry into televised sports is as much about supporting its broadband and pay-TV business in the face of increasing competition from Sky and others

BT has reported results for the September quarter with record-setting TV net adds and steady broadband net adds, confirming that while Sky arguably won the broadband battle, BT won TV, and neither really lost in either category

Fixed Line, Media, Telecoms, TV, UK Media 29 October 2015
BT's IPTV play

BT has gone further than expected in setting a “medium term” goal of 2-3 million customers for BT Vision, remaining vague on when it will be achieved. Giving away the PVR and a cheap self-install option, due later in 2007, are essential to achieve this target

Radio groups implement further cutbacks and increased centralisation to combat shrinking audiences and revenues

In our view, commercial radio requires more than a marketing plan and cost cutbacks – a renaissance of creativity and inward investment are needed for radio to compete more effectively with the increasing diversity of personalised audio content available online

Telecoms, Media 10 January 2007
BT's reassuring price rise

BT has announced consumer price rises of around 6% to take effect from 5 January 2013; Virgin Media had raised its prices in April 2012 by around 5%, and we expect the LLU operators to largely follow, at least for line rental

While this was largely expected, given a (self-imposed) price freeze that expires on this date, continued price rationality in the UK broadband and telephony market is reassuring

The timings of the price rises should allow both BT and TTG improve their revenue growth in Q1 2013 after a weak Q4 2012

Fixed Line, Telecoms 29 August 2012
BT's Residential Tariff Increase

On June 1st BT is launching a radically new pricing structure for its 10m BT Together customers, dropping the distinction between local and long distance calls, and introducing a flat rate 6p for off-peak calls of up to an hour. In this report we look at the impact of these changes on BT, its customers and its competitors.

  • Yahoo
Telecoms 14 May 2003
BT: Promising future, but investment required

BT is accelerating its ‘full fibre’ rollout, likely due to a combination of a successful build to date, very promising regulatory developments, and (let’s not deny it) worrying competitor build plans

Full year results were a little weak versus consensus, with guidance a little soft as well, leading to questions of how this can be funded, particularly the roll-out acceleration from 2021/22 to cover half the country by the mid-2020s

Whatever the funding mechanism, we regard the investment as sound, with BT’s planned operational transformation also promising but potentially requiring further upfront investment

  • BT
  • EE
Media, Telecoms 21 May 2019
Burberry’s digital activism

Reallocation of Burberry’s marketing spend to digital at the expense of magazines since 2009 has been a key driver of the brand’s increased global awareness.

Burberry’s digital activism is tied to its strategy of ‘democratic luxury’ to engage and cultivate a new generation of 20-something potential customers.

Other luxury brands also have digital tactics, but the scale and depth of Burberry’s approach suggests that it is alone in having an integrated retail and communications strategy.

Media 6 August 2012
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

  • Cable & Wireless
Fixed Line, Telecoms 18 November 2011
C4 and Digital Diversification

Channel 4's digital diversification strategy is a topic we first considered in 2002. At that time, we urged Channel 4 to husband its resources to meet its public service remit and maintain audiences on its terrestrial service, rather than diversify into new digital satellite channels. If anything, the progress of time has reinforced our conclusion that Channel 4's digital diversification strategy is risky. The risks for Channel 4 are greater than for the BBC, since Channel 4's public service remit is funded by advertising alone

  • Channel 4
Media, TV 13 August 2007
C4 and E4

One response to the growth of the satellite and cable households has been for terrestrial broadcasters to launch their own digital channels. These channels are beginning to absorb significant fractions of the total programming budget and in this report we look at the implications for the parent broadcasters. We examine E4, Channel 4’s main satellite entertainment channel, showing that it is likely to remain a drain on the parent for many years to come. Rather than ‘strengthening the brand’ of terrestrial broadcasters, which is the reason normally given for diversification into satellite channels, our research shows that E4 and other services do nothing for the parent company and divert programming expenditure that would otherwise be usefully spent on the terrestrial service.

  • Channel 4
Media 29 November 2002
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 

  • Cable & Wireless
Telecoms 7 February 2006
Cable & Wireless annual results ending 31st March 2006

International subsidiaries continue to perform solidly 

  • Cable & Wireless
Telecoms 30 May 2006
Cable & Wireless full year results to March 2007: a start is a start

The performance of the international business remains solid

  • Cable & Wireless
Telecoms, Fixed Line 28 May 2007
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

  • Cable & Wireless
Telecoms, Fixed Line, Non-UK Telecoms 27 May 2008
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

The market was disappointed by guidance for the new financial year. In our view it is both acceptable and achievable

  • Cable & Wireless
Telecoms, Mobile, Fixed Line, Non-UK Telecoms 20 May 2009