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