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
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 and T-Mobile have agreed to fully share their 3G networks, with their networks being roughly doubled to a combined 13,000 sites over the next two years
International performance was hit by problems in Jamaica and was weak generally except for Panama and Macau
The performance of the international business remains solid