BT’s Q1 results were weak, with declining like-for-like revenue and EBITDA, although cash flow grew strongly thanks to a lull in capex

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

Vodafone Europe’s service revenue growth dropped by two full percentage points in the quarter to June 2008; Spain plummeted from +5.1% to -2.5%, but the UK and Italy’s underlying growth also fell, with only Germany stable

BT’s announcement of a project to extend fibre beyond the exchange for some existing homes as well as newly built ones is good PR, a useful regulatory gambit, and offers the prospect of regaining some initiative from unbundlers and Virgin Media at the wholesale and retail levels respectively

The current process for a sale of Tiscali Spa in whole or part appears to be breaking down, just as the prospects for standalone ISPs in the UK are becoming less certain

The decline in broadband market growth has accelerated, with market net additions in Q1 down on Q4 for the first time in three years. Household penetration reached 59%

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

Having acquired national broadcast TV rights for premium content, France Télécom’s Orange TV will launch on satellite on 3rd July and introduce subscription football and film and series services from August, in a first for a major European telecoms incumbent

European revenue growth improved by a whole percentage point this quarter, jumping to 2.2% from 1.2% last quarter. Most of this (0.7 percentage points) was due to a reduced regulatory impact, and this should continue to improve throughout this year, with the impact due to drop from about 4% to less than 1% by early next year

Iliad is to recover the No. 2 spot on the French broadband market, behind France Télécom’s Orange, after acquiring Alice, ending Telecom Italia’s ill fated five-year French venture