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
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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
The distribution side was slightly weak again, but the prospects for the Christmas quarter are much better, with the iPhone exclusivity a big help even if its sales prove to be weak
The Apple iPhone will finally be available in the UK on 9th November, sold exclusively through Apple, O2 and Carphone Warehouse, and costing a hefty £269 when bought with a minimum £35 a month 18 month contract
Carphone Warehouse is seeking to position itself as an impartial guide to the broadband products from 6 different brands, although it is not selling the product sets of BT, Sky or Tiscali
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
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