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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.

The latest numbers for Q1 2015 show strong device and internet user growth, with more of the population online than ever before, including more than 90% of under-55s. Growth amongst older groups, however, has slowed to a crawl

Participation in online activities is up across the board, but digital media data shows spend on ebooks and digital music struggling, with the latter being heavily impacted by the rise of unlimited streaming models such as Spotify

The story of mobile's surge continues, with almost a half of e-commerce transactions and a third of search and display ad spend now going to mobile. Most of these mobile devices are Android, but iPhone seems to have gained long term share with its larger phones. Google services, however, have cross-platform reach

Vodafone Europe’s revenue growth improved again in the March quarter, but not by as much as the previous trend, or by as much as the mobile market in general

Operational trends look more solid, with data growth continuing to accelerate and Project Spring delivering improvements in some markets

The biggest blip was in Germany, a quad play market for Vodafone, and we remain sceptical of the operational benefits of convergence as Liberty Global merger speculation re-surfaces

TalkTalk accelerated subscriber and revenue growth in the March quarter, but stripping out the effect of acquisitions we estimate that organic growth was roughly in line with the previous quarter

Its EBITDA grew 15% for the 2014/15 financial year, but margin expansion reversed in H2, with lower gross margin and higher broadband marketing costs causing the damage

The company’s 25% EBITDA margin target in 2016/17 continues to look challenging, but continued strong revenue growth and some margin expansion looks likely

Virgin Media’s subscriber trends were a little weak in Q1 compared to previous trends, with intense promotional activity from competitors hurting, but it still expanded its base

ARPU was also relatively weak due to various VAT and pricing changes, but it still grew, leading to cable revenue growth of 3% versus 4% in the previous quarter, and OCF growth of 5% versus 9% in the previous quarter

This growth level is likely to accelerate over the year as subscriber momentum improves and one-off effects annualise out, with the benefits of footprint extension mainly impacting from 2016

With both the current Royal Charter and licence fee settlement expiring in the next two years, press headlines proclaim the BBC has much to fear from the new Conservative government

Having read through the Culture, Media and Sport Committee's recent "Future of the BBC" report, which was led by the newly-appointed Culture Secretary, we do not share the same view

However, any reduction in BBC funding is likely to lead to further tightening of TV and radio programming budgets, with far reaching consequences across the entire UK creative sector

BT had a somewhat mixed March quarter, with growth in consumer still strong but weaker than before, growth in UK corporate weak and even weaker than before, but fibre growth re-accelerating and cost-cutting very strong

The company is still well on track, with 2015/16 revenue guidance reflecting fibre-driven consumer growth countered by UK corporate weakness, and EBITDA guidance reflecting strong cost-cutting partially mitigated by extra football rights costs

Operationally the next few months will likely be dominated by the launch of BT’s Champions League coverage and associated marketing, with various regulatory processes keeping the company busy at the strategic level