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Financial & Performance
All the latest news, insight and analysis regarding the financials and performance of BT, Deutsche Telekom, Telefónica and Vodafone.
Q3 FY20–21: Top team turn bullish as growth returns, just
Nick Read and Margherita Della Valle claim Group set for acceleration after sneaking back into growth territory during quarter. European macro and M&A questions continue to overhang claims of confidence in regional prospects, however. Amid continued talk of yet more in‑country consolidation, “pragmatic” Vodafone will “always examine opportunities to ...
Budget 2021: BT benefits but won’t move investment dial
Chancellor Sunak eyes investment‑backed build‑back. Short term tax break to bolster BT infrastructure expansion. However, gains will be “offset in later years”, and no movement on BT’s number one priority — business rates relief.
Telefónica wobbles over 2020 finish line, targets stability
Revenue and OIBDA drop 11% as double‑whammy of COVID‑19 and currency fluctuations hit. Guidance on cash flow just about achieved, while FY21 focus will be on stabilisation. Dividend reduced by 25% as COVID‑19 challenges continue, and 5G auctions loom. Telefónica Infra picking up minority stakes in Group infrastructure as ...
Telefónica raises €1bn through sustainable bond issue
Sustainability financing includes social impact and environmental targets. Proceeds to fund fibre networks and connectivity in unserved areas.
BT Global Q3 FY20–21 — still hitting the hard numbers
Global benefits from past surgery.
Openreach Q3 FY20–21 — what disruption?
Business as nearly normal at Openreach.
BT Enterprise Q3 FY20–21 — down but not yet out
Enterprise continues struggle.
Consumer Q3 FY20–21 — treble-whammy
Consumer agony looks prolonged.
BT Q3 FY20–21 results: gone today, (hopefully) here tomorrow
Nobody obviously interested in Q3, but shares down sharply. Calendar of optimism around pandemic bounce back and fresh starts. Jansen despairingly concedes transformation will take at least five years. BT doing best to railroad Ofcom on fibre-critical WFTMR.
Go-to-market stasis hits Talkmobile numbers
Vodafone UK’s in‑house MVNO yet to report uplift from u‑turn on customer acquisition and implementation of new platform.
Vi eyes $2bn cash injection
Reports suggest Vodafone’s Indian joint venture will announce funds from a consortium of investors imminently. Fundraising initiative began in September to ease Vi’s debt burden, with 4G expansion also expected to get a boost.
Vodafone Q2 FY20–21
Cost-cutting props up performance during COVID‑19-hit quarter and CFO indicates she is preparing to step up efficiency plans further. Lag in delivery of leadership’s “Phase Two” plans, including Tech 2025, muddying attempts to assure stakeholders of a brighter future. Lots of talk of “underlying” strength as Group’s leadership seeks ...
Headline numbers: weathering the storm, for now
Key numbers relatively solid, reflecting telecoms sector’s cushioning from worst of pandemic disruption. Cost-cutting props up earnings, offsetting top-line weakness. Results preceded latest coronavirus response measures, which will have exacerbated drag on roaming revenue. Government support measures and resumption of international travel cited as key to maintaining solidity.
Guidance: tightly-wound numbers obscure future
On a like-for-like basis, Vodafone Group is holding its own in the pandemic so far and leadership appears confident regarding short-term outlook. Longer-term prospects remain a question mark, however, especially as cost-cutting — rather than the top‑line growth — is keeping the Group on a steady course. Asset sales ...
Spend: Della Valle dials it up on COVID cost-cutting
CFO flags acceleration of savings push during H1, and possibility of a further expansion of ambitions for the post-COVID era. Planned developments at Vodafone Procurement Company briefly mooted. Stark Retail and Shared Services cutbacks detailed.