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. |
Media, Telecoms |
July 2003 Access this report
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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 |
March 2006 Access this report
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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 |
Media, Telecoms |
May 2006 Access this report
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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 |
Fixed line, Telecoms |
January 2009 Access this report
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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 |
Fixed line, Telecoms |
May 2008 Access this report
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BT steps into ESPN's trainers
BT Group’s acquisition of ESPN’s television business in the UK and Ireland marks an important step in cementing BT Sport’s position as the number two premium sports provider from the moment of launch.
The acquisition also raises the stakes, leaving BT with the strategic challenge of what distribution to opt for on the satellite and cable platforms to mitigate the high costs of BT Sport, but without overly sacrificing its USP for strengthening customer retention and building demand for high speed broadband on its own platform. |
Media, TV, Fixed line, Telecoms |
February 2013 Access this report
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BT Sport - not a game changer
BT has thrown down the gauntlet to Sky, as it has launched a premium sports offering that will be free to all BT broadband customers upon its launch on 1 August 2013 The product being ‘free’ makes it a potentially effective defence of BT’s broadband base, with the possibility for win-back as well, but this also raises the direct operating losses that have to be set against these benefits The main damage to Sky comes from elevated rights costs, with there being a risk of further inflation in three years as another major round of renewals comes up |
Media, TV, Fixed line, Telecoms |
May 2013 Access this report
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BT Rights Issue Pointers
This is the first of a series of notes on the outlook for the core fixed-line businesses of BT and the other European incumbent telcos. In order to prepare investors for the coming rights issue we briefly consider the issues that face BT's core operations. The follow-on note will provide a more in-depth analysis.
Our main points are as follows: |
Telecoms |
June 2001 Access this report
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BT Retail telephony pricing: ringing the changes
BT Retail’s fixed-line telephony packages are now amongst the most attractive in the market following a third price change in two years. Attractive headline prices have been balanced by less obvious price rises elsewhere |
Fixed line, Telecoms |
March 2008 Access this report
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BT Retail residential telephony price changes: rebalancing act
BT Retail is putting through another round of residential price changes, trading further aggressive cuts in call plans in return for 12 month contracts, increases in line rental and some volume-related call charges
The £1 line rental increase is in line with our expectations and could trigger a round of increases by other players following Ofcom’s forthcoming statement on Openreach’s wholesale price ceilings |
Fixed line, Telecoms |
February 2009 Access this report
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BT Retail 40 Mbit/s broadband: priced to sell
BT Retail has announced its intention to launch residential
40 Mbit/s broadband at similar price points to its existing two higher tier
broadband offers. While this looks unlikely on its own to create significant
additional shareholder value, it could eventually help BT retain existing value
The move is unlikely to seriously inconvenience other
players for the next year or so, but could encourage TTG and Sky to sign
wholesale deals with BT for higher speed broadband and, ultimately, make it
more likely that a demerged TTG is acquired by another player |
Fixed line, Telecoms |
January 2010 Access this report
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BT Q4 and full year 2011/12 results: workmanlike
Continuing strong cost control enabled BT to meet its annual guidance for the third year running Underlying cash flow growth continues to be compromised by the impact of LLU and IP on BT Wholesale, with fibre deployment providing only limited defence BT is proving adept at survival in a hostile environment, but further gains will continue to be modest and hard won |
Fixed line, Telecoms |
May 2012 Access this report
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BT Q4 2012/13 results: Revenue very strong, costs to be hit by Sport
BT’s underlying revenue growth improved from -3% last quarter to around zero at both the Retail and Group level, its best performance for years, with high speed broadband helping to stabilise ARPU
BT Sport is positioned well as a defensive/win-back product against broadband losses to Sky, but BT’s ability to win triple play subscriptions off Sky is still hampered by lack of content, and the cost appears disproportionate to its aims |
Fixed line, Telecoms |
May 2013 Access this report
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BT Q4 2010/11 results: guidance met but fundamental outlook unexciting
BT met its full year guidance for the second year running, but new guidance reflects the weak revenue outlook and limited potential for further cost reduction
Group performance continues to hinge on capex levels, in particular deployment of next generation access, scheduled to continue until 2015
BT is not a financial basket case doomed to be eaten alive by mobile, satellite, cable or internet-based alternatives. But nor does it look like a huge growth story |
Fixed line, Telecoms |
May 2011 Access this report
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BT Q3 2012/13 results: Fibre take-up accelerates, but sports costs loom
BT had a very solid quarter, with revenue growth improving, broadband subscriber net additions bouncing back, ARPU robust and cost control still strong
Fibre net adds were particularly impressive, with take-up accelerating from an already high level, with this perhaps now starting to help stabilise ARPU
Progress on TV has been more mixed, with plenty of costs being added but no deals having been made yet to help offset this with revenue |
Fixed line, Telecoms |
February 2013 Access this report
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BT Q3 2011/12 results: reasonable progress, on balance
BT’s results for the December quarter saw continuing trends of gradual improvement at BT Retail and efficient deployment of next generation access at Openreach, plus strong control of unallocated property costs, enabling management to issue slightly improved group-level guidance for the current financial year to March
Cash flow growth at group level continued to be compromised by the cost of overseas expansion at Global Services and a continuing shift to LLU and IP-based services at BT Wholesale |
Media, Fixed line, Internet, Telecoms |
February 2012 Access this report
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BT Q3 2010/11 results: BTGS on the level; fibre investment continues to impact group
BT Global Services is generating cash ahead of schedule and the company’s strategy for defending the core business is gaining traction
Group performance continues to be affected by increased capital expenditure due to investment in next generation access
The company is on track to meet guidance, although prospects for further upside remain limited |
Fixed line, Telecoms |
February 2011 Access this report
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BT Q2 2012/13 results: Revenue slows, cost cutting compensates
BT Group revenue growth disappointed at the reported level, dropping from -6% to -9%, but adjusting for a series of one-offs underlying growth only dropped from -3.2% to -3.6%, easily made up for by another quarter of strong cost reductions Broadband net adds were again a little weak, with weather-related repairs slowing new line installations, but BT’s share held up well, at least against its fellow DSL operators Fibre-based connections continued to grow and BT further accelerated its build-out plans, with this (and not TV) holding the key to stabilising ARPU and increasing wholesale rev |
Media, TV, Fixed line, Telecoms |
November 2012 Access this report
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BT Q2 2011/12 results: light before the dawn?
BT reported its eighth successive quarter of strong growth in broadband volume and is aiming to complete deployment of next generation access one year early, yet within existing capex guidance for the group
Progress at Global Services and BT Wholesale is continuing, but remains very gradual
We continue to expect guidance for the current financial year to be met, though not significantly exceeded. But broadband momentum and excellent cost control suggest the prospects for FY2012/13 are improving |
Fixed line, Telecoms |
November 2011 Access this report
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BT Q2 2010/11 results: digging in
Group performance to September was affected by increased investment in fibre and other defensive measures, as expected
Despite strong retail broadband subscriber growth, the core business remains under siege. High speed broadband should – eventually – provide an effective defence, but not much more
The Global Services turnaround is continuing, and further progress at GS supported by improving stability in the rest of the group should enable new guidance to be met |
Fixed line, Telecoms |
November 2010 Access this report
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