The UK business (EAUS) is continuing to improve ahead of guidance as expected and its turnround can now be judged a success. Management has announced an aggressive plan to extract synergy from the recently acquired Thus
Just three players now account for most French broadband connections: Orange’s DSL market share is closing on 50%, Iliad’s rose to 25% from consolidation with Alice, while SFR’s dropped to 23.7%, with Neuf’s rebrand imminent. Cable remains a minimal presence on broadband
H3G Group’s H1 2008 results showed static revenue and EBITDA slipping back into negative territory, neither of which bode well for the company’s target of being EBIT positive next year
In our view the potential for synergies from an acquisition of Thus by C&W, though more limited than might be supposed, would still have a significant impact on the combined entity at the EBITDA level
International performance continued to be weak apart from Macau, although well within EBITDA guidance. Turnaround in Jamaica remains a significant challenge
H3G Group’s growth continued to slow in H2 2007, and it is now growing at just 6%, versus 10% 6 months ago, with falling ARPU combining with static subscriber net additions