November 19, 2004 Second Quarter Financials / Infonet AcquisitionOrganisation: BT
Analysis and commentary by Echo Research. BT took the market by storm last week, confounding the critics with the purchase of global data networking organisation Infonet, followed by robust second quarter results . "BT rides broadband wave to £1bn mark"(Western Mail, 12/11). The acquisition initially generated a cautious response, but placed within context of BT's notable growth in new wave services, analysts welcomed the addition. Julian Hewett, chief analyst with Ovum said of the deal, "We're pleased to see that BT is boosting an area of its core networking competence … Overall, a good move for BT, and a good exit for Infonet"(Ovum.co.uk, 10/11). Journalist-driven rumours of a boardroom rift between BT's Wholesale and Retail businesses, were dismissed effectively by CEO Ben Verwaayen as "a debate in the industry"(Guardian, 12/11) and failed to dampen the company's financial profile. The company's results beat expectations and boosted the market "London afternoon: BT cheers Footsie"(Sharecast, 11/11). Although overall revenue returns may have appeared modest, the remarkable growth of its new wave sector, left few in any doubt that BT had bought about "a transformation in the nature of its business"(Sunday Times, 14/11). " Analysts read the figures as a sign that BT had turned a corner" asserted the FT (12/11).
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