Vodafone’s Q4 revenues were healthy if a little weak, with underlying growth slowing from 2.0% to 1.8%, but the improvement in Germany is very welcome

International performance continued to be weak apart from Macau, although well within EBITDA guidance. Turnaround in Jamaica remains a significant challenge

BT’s Q4 results were a welcome improvement on Q3, with better growth in revenue, consistent growth in EBITDA and strong growth in cash flow

VMed’s Q1 results represent a further step in the recovery of the core cable business, with markedly lower churn and strong growth in operating cash flow (OCF)

BT’s new mobile product, BT Total Broadband Anywhere, is sensibly being sold as an optional add-on to its broadband line up, maximising the cross-selling opportunity

Vodafone UK has announced a tariff refresh that includes ‘free’ mobile browsing with all of its new contract plans

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

Tiscali SpA has publicly invited bids for its businesses, the largest of which is the UK’s fourth largest ISP, a key player with 12% broadband market share

Iliad will be challenged to meet its target of a steady EBITDA margin of 36% in 2008 despite further cuts in mobile termination charges due to the continued drift of the subscriber mix to higher cost (for Iliad) full telephony packages. Some benefit to cash flow could result from reduced charges for one-off LLU services to be mandated by regulator ARCEP

BT announced on 8th April that Ian Livingston, currently CEO of BT Retail, will replace Ben Verwaayen as group CEO on 1st June. The Managing Director of BT Retail’s Consumer division, Gavin Patterson, will replace Ian Livingston at the helm of BT Retail. We expect John Petter to take Gavin’s place at the Consumer division