Publications

Format: Sep 2018
sort ascending Sector(s) Date
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

  • Cable & Wireless
Telecoms 26 May 2010
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 

  • Cable & Wireless
Telecoms 1 March 2006
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

  • Cable & Wireless
Telecoms, Mobile, Fixed Line 12 November 2008
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

  • Cable & Wireless
Telecoms 15 November 2007
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

With little prospect of growth at International in the second half, and a successful turnaround phase at Worldwide beginning to draw to a natural conclusion, the demerger may not have the impact some had hoped

  • Cable & Wireless
Telecoms, Fixed Line, Non-UK Telecoms 9 November 2009
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
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 2007: a start is a start

The performance of the international business remains solid

  • Cable & Wireless
Telecoms, Fixed Line 28 May 2007
Cable & Wireless annual results ending 31st March 2006

International subsidiaries continue to perform solidly 

  • Cable & Wireless
Telecoms 30 May 2006
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
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
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
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
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
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'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 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 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 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 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

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