BT Group plc
BT: 2006 results
BT’s growth picked up in the last quarter of the financial year with organic growth of 5% and another 2% from acquisitions. Organic growth in “new wave” (BT’s term for non-POTS services) revenues remained strong at 23% more than offsetting the 3% decline in BT’s traditional (POTS) business.
BT is showing signs of regaining share in […]
BT: acquisition of Dabs
BT has bought on-line electronics retailer dabs.com. This is not a big acquisition - Dabs has annual revenues of just £180m, it is a fairly low margin business and BT has (according press reports, the number has not been confirmed by BT) paid only £30m.
The real question for investors is not the financial effect of […]
BT: Q3 results
Organic revenue growth of 3% was in line with the last few quarter. Strong organic growth in “new wave” of 27% offset the continued declines in the older lines of business (i.e. plain voice).
EBITDA has stabilised since the first half, falling 0.6% (before redundancy costs and one-offs) in the quarter. However BT has commented […]
BT H1 results
BT’s growth in the second quarter was slightly weaker than in the first. Organic revenue growth was 2.5% for the quarter, after adjusting for the impact of reductions in mobile termination rates, compared to 3% in Q1. The adjustment is justified as the effect of the rate reduction was to reduce revenues on what were […]
BT: Ofcom agreement
BT’s recent undertakings to Ofcom have been accepted. The agreement is complex with BT making 230 operate undertakings, but the end effect is to create a heavily regulated new business in return for lighter regulation of other BT businesses.
The new business, Openreach, will sell access to BT’s critical last mile connections (the wires connecting exchanges […]
BT Q1 results
BT continues to replace declining revenues from traditional voice telecommunications with “new wave” revenues. Stripping out the effects of both acquisitions and the reduction in mobile call termination rates underlying turnover grew 3%. The revenues from mobile call termination were flow through revenues which BT charged customers and passed on to mobile companies at low […]
BT: undertakings to Ofcom
BT has made a number of legally binding undertakings to Ofcom. BT appears likely to succeed in putting an end to the current regulatory uncertainty, and in avoiding a breakup. However the price has been very heavy regulation of a new business unit (Access Services) which will provide access products - more importantly unbundled local […]
BT full year results
Strong growth in “new wave” revenues continued to replace lost revenues from BT’s declining traditional business; underlying revenues (organic and adjusted for the regulatory cut in mobile call termination rates) were up 1%. The adjustment for the change in mobile termination rates is useful as this affects what are in effect “pass through” revenues which […]
BT
BT’s market share has reduced over the years but its still dominates UK telecoms. It also is highly cash generative and is moving uscessfully into newer services such as broadband, although we see some signs of a return to its previous over ambition.
Although its share of business voice minutes has fallen to 40%, it still […]
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