The distribution business was slightly weak despite good like-for-like store sales, due to the lower quality ‘off-the-page’ newspaper advertisement business being successfully cut back by the mobile operators
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The distribution business had a strong year, marred by a longer than usual Christmas hangover in the last quarter, but the early signs for the new financial year are promising
UK broadband market growth fell to 3.2 million net additions in 2006 from 3.8 million in 2005. With 47% of UK households already on broadband, new entrant unbundlers (BSkyB and Carphone Warehouse) are racing against the clock of a maturing market to sign up customers
Carphone Warehouse’s core distribution business was firm, showing no signs of being harmed by Vodafone withdrawing its new contract business in the UK
Vodafone UK’s new broadband product is not very competitively priced compared to the offers from Carphone Warehouse and Orange, costing £5-10 a month more than the nearest equivalent packages
In a fit of pique over increasing subsidies, Vodafone UK is dropping Carphone Warehouse (CPW) as a distributor, and moving exclusively to Phones4U with lower subsidy levels and volume guarantees, while Orange is reportedly also considering its position with CPW
The Carphone Warehouse (CPW)’s £370 million acquisition of AOL UK’s internet access business is set to quadruple the size of CPW’s UK broadband customer base, enabling it to become the third largest player in the market after NTL and BT, with approximately 2 million broadband subscribers
Carphone Warehouse (CPW) has launched a broadband/telephony bundle which effectively offers free broadband to non-cable customers in urban areas
O2’s purchase of Be may only have cost £50 million but its entry into UK broadband may ultimately prove an expensive distraction
Germany’s Sky platform has shifted focus from maximising net additions to improving quality of new recruits, delivering accelerated ARPU growth and a likely future reduction in churn.
In 2014, Sky will turn back to more proactive recruitment, but we caution against expectations of an improvement in the underlying trend growth rate.
Sky is in on course to deliver its first full year positive EBITDA in 2013, although we still don’t expect cash flow to follow suit before FY 2015.