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

Broadband penetration and Internet usage in continental European countries are catching up with the US and UK, but consumer e-commerce and internet advertising spend still massively lag behind. Online advertising is growing more rapidly in Germany and France than in the UK, driven by rapid take-up of paid search by advertisers

50% of UK households now have a broadband line installed, but market growth is dropping. Rolling 12-month net additions were below three million for the first time since Q3 2004

Vodafone achieved its 2006/07 full year targets on revenue and profitability, with solid revenue growth (underlying about 2% in Europe) but dropping margins (by around 2pps in Europe)

The performance of the international business remains solid

Steep drops in US and UK recorded music sales dragged EMI’s group revenue 15.8% lower for FY 2006/07. EMI’s underperformance of the sagging recorded music industry highlights the scale of the challenge facing any prospective new owner

French altnet Neuf Cegetel is buying Club Internet from Deutsche Telekom for an estimated €500 million and will overtake its rival Free as the #2 on the DSL market, still way behind Orange

Growth in Q1 2007 for the aggregate non-Vodafone European mobile operations was 4.2%, a slight decline from 4.7% last quarter (Vodafone reports its results next week)

Revenue growth was weaker but EBITDA growth remained strong and capex fell, sending cash flow growth strongly positive

The three most listened to radio stations in London all belong to the BBC, for the first time since commercial radio started in 1973