VMed’s Q1 results represent a further step in the recovery of the core cable business, with markedly lower churn and strong growth in operating cash flow (OCF)
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
Growth in ARPU is reinforcing the impact of improving cable subscriber growth, but revenue remains in decline, year-on-year
Distribution growth improved considerably (retail grew 13% versus 8% last quarter), with strong contract sales more than counteracting a relatively weak prepay performance