UK broadband net additions in Q3 2008 fell sequentially, the first time this has happened in a third quarter. Q3 net adds almost halved year-on-year to 320,000
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Carphone Warehouse’s distribution side was very strong in revenue terms in the September quarter, with an underlying (ex-currency) growth of 11%
The company is right to be cautious about the Christmas trading environment, although we believe that it will continue to do well in relative terms at least, and even has a fighting chance of hitting the distribution revenue guidance made back in April
Fixed line revenue growth was hit by churn and spin down at AOL UK, and churn in the non-broadband base. Fixed line EBITDA grew encouragingly as cost savings from LLU kicked in, but overall financial performance was marred by the cost of free laptop and retention offers at AOL UK
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 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
This report explains Ofcom’s ongoing review of Openreach’s financial framework, why it is important, the myriad factors involved, our view on the likely outcome and the implications for BT and unbundlers, in particular Carphone Warehouse and BSkyB
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
Distribution growth improved considerably (retail grew 13% versus 8% last quarter), with strong contract sales more than counteracting a relatively weak prepay performance