1 2 Fastest growing TV business in the UK (over 1m customers at 12th May) Strong growth from TalkTalk Business (Q4 Corporate revenues +11.0%) 6th consecutive quarter of net adds growth (+10,000) 5th consecutive quarter of revenue growth (+4.9%) EBITDA margin of 15.5% in H2 (from 9.0% in H1) Dividend up 15.4% to 12.0p
On track to deliver 4% CAGR in Revenue and 25% EBITDA margin by FY17
More opportunities to drive significant growth over long term
3 4.186m 4.196m 917k 4.047m 4.043m 4.053m 4.063m 4.071m 4.076m 732k
557k
390k
230k 80k
Q1 '13 Q2' 13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 Q3 '14 Q4 '14 Q2' 13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 Q3 '14 Q4 '14
17.4k 15.2k 13.7k 11.8k 10.3k 8.7k 7.1k 5.4k 260k 284k 207k 202k 236k 142k 177k 152k 175k 73k 95k 85k 117k 15k 30k 52k
Q1 '13 Q2' 13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 Q3 '14 Q4 '14 Q1 '13 Q2' 13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 Q3 '14 Q4 '14 Q1 '13 Q2' 13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 Q3 '14 Q4 '14
4 5.0%
17.8% 17.0% 15.5% 1.8%
9.0%
H1'13 H2'13 H1'14 H2'14 (0.1%) H1'13 H2'13 H1'14 H2'14 (1.9%)
174 +15.4% 136 144 12.0p 10.4p 9.0p 98
H1'13 H2'13 H1'14 H2'14 FY12 FY13 FY14
5 2.0% 7.9m 1.8% 6.8m 7.1m 6.2m 5.3m 1.6% 1.4% 1.2% 1.0% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 '12 '13 '13 '13 '13 '14 '14 '14 '14 H2 '12 H1 '13 H2 '13 H1 '14 H2 '14
7,635
4,858 4,333 3,556 2,799
Mar 2013 Mar 2014 H2 '12 H1 '13 H2 '13 H1 '14 H2 '14 Dual Play TV Fibre Mobile
6 7 FY Revenue Growth 3.4% (H2 +5.0%), FY EBITDA margin 12.3% (H2 15.5%) £112m of incremental investment in growth Strong acceleration in revenue growth and step-up in EBITDA margin in H2 Net debt/EBITDA 2.3x reflects investment in growth Dividend up 15.4% year-on-year, in line with commitment Investment in growth is delivering results in line with our plan Clear route to FY17 targets of 4% revenue growth and 25% EBITDA margin
8 £ million FY14 FY13 Growth Revenue 1,727 1,670 +3.4% Gross Profit 958 919 +4% Gross Margin 55.5% 55.0% +50 bps
Opex (427) (395) +8% EBITDA pre SAC & Marketing 531 524 +1% EBITDA pre SAC & Marketing Margin 30.7% 31.4% -70 bps SAC & Marketing (207) (172) TV SAC (111) (62) EBITDA 213 290 -27% EBITDA Margin 12.3% 17.4% Profit Before Tax 74 165 -55% Tax (13) (33) Effective Tax Rate 18% 20% Profit After Tax 61 132 -54%
EPS 6.8 14.9 -54%
(1) Excluding exceptional items and amortisation of acquisition intangibles
9 £ million FY14 FY13 Growth EBITDA 213 290 -27% Working capital (30) (11) Capex (107) (104) Operating free cashflow 76 175 -57% OFCF margin 4.4% 10.5% Interest and taxation (17) (16) 6% Free Cashflow 59 159 -63%
Acquisition & Share purchase (41) (39) Exceptional spend (23) 8 Dividend (99) (87) Net cash flow (104) 41
Opening Net Debt 393 434 Closing Net Debt 497 393
10 3.4% y-o-y growth › On-net +7.6% On-net (+7.6%) • Base growth
Corporate Off-net • Upsell & Base Voice ARPU (+3.5%) Price £1,727m • Post Office
£1,670m › Corporate +5.6% +3.4% • Data +37.5% › Off-net -28% FY13 FY14 • Only 7.5% of group revenues (FY13: 10.7%) Strong acceleration in H2 (+5.0%) › On-net +8.4% Corporate +5.0% › Corporate + 9.9%
Upsell & Base Voice Price +1.8%
H1 H2
11 £112m incremental investment in growth in FY14 (£86m H1) £290m › Significant investment in TV growth in Gross Profit & TV £213m H1 Savings Opex Mobile & Fibre Dual › Incremental Opex costs from scaling play SAC TV non-recurring in FY15
Investing for growth £112m Strong step up in H2 EBITDA margin › Cost control
FY13 FY14 › Lower BB & Marketing CPA › Lower TV CPA • H2 investment lower than in H2 15.5% FY13 despite greater volumes TV
9.0% SAC Opex Gross Profit
H1 H2
12 Network costs in line with our plan to expand capacity and resilience
One off Cost Incremental (non-recurring) costs to serve CTS savings from investment in TV growth £427m Volume › Lower in H2 than H1 Network £395m Strong progress in cost savings from
› Continuing benefit of historic programmes FY13 FY14 › Making TalkTalk Simpler
13 Full year investment in growth
Investing for growth › 687,000 TV net adds
£318m › 109,000 mobile net adds TV CPA £234m TV TV Launch › 134,000 fibre net adds BB Mobile & Fibre Volume H2 TV SAC benefit to CPA from Essentials
› TV CPA down from £170 in H1 to £130 FY13 FY14 in H2
› No more TV SAC in FY14 H2 than in FY13 H2
BB CPA down from £190 in H1 to £180 in H2 £174m £144m BB CPA & TV CPA TV Marketing Volume
H1 H2
14 Key driver in FY14 is impact on Operating £497m £99m FCF of £112m investment in growth
£393m £17m £76m £41m Capex and working capital in line with £23m guidance
Dividend payment in line with our commitment and underlines our confidence in future growth prospects
Net debt to EBITDA ratio of 2.3x Net debt b/f Operating Exceptionals Acquisition & Interest & Tax Dividend Net debt c/f Free Cashflow share repurchase
15 £ million FY14 FY13 Cash outflow 23 (8) Ethernet Settlement (3) (27) Making TalkTalk Simpler 21 5 Operating Efficiencies 0 14 VAT 5 0
P&L charge 22 (9) Ethernet Settlement (3) (27) Making TalkTalk Simpler 20 7 Operating Efficiencies 0 11 VAT 5 0
VAT charge relates to change of HMRC rules on allowable treatment of prompt payment discount
16 Modest growth in net adds in FY15 Similar number of TV net additions to FY14 Revenue growth of at least 4% Overheads as a % of revenue to fall below FY13 level Pre-SAC EBITDA % ahead of that reported in FY13 SAC & Marketing costs lower than FY14 Headline EBITDA Margin 16% -17% Dividend growth of no less than 15%
17 18 Fibre to the Expand capacity Premise and utilisation Mobile
Making TalkTalk Consumer quad play Simpler Business Data products
TV for Everyone Grow Business Market Share
Creating value through revenue growth and margin expansion
19 Net adds accelerated each quarter of 917k FY14 732k More customers added than all other 557k Pay-TV operators combined 390k 30% new to TalkTalk 230k › 70% Freeview upgraders 80k Essentials TV has driven acceleration in
Q2' 13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 Q3 '14 Q4 '14 take-up in H2; continuing take-up of Plus Over 1m customers at 12th May 2014 185k 175k 160k 167k 150k
80k
Q2' 13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 Q3 '14 Q4 '14
20 Free Set Top Box 61%
Easy catch up TV 60% Which reader survey Oct 2013 Good value/Promos 57%
Flexible boosts 28%
Family entertainment 15%
Interesting programs / films 15% *
Childrens cartoon 8%
YouView Adult BrandTracker (450 Respondents, April 2014) TalkTalk TV Customer Market Probe (731 respondents, Oct 2013)
A large (18m households) and under-served market segment
21 25% 120k
100k 20% Plus 80k 15% 60k 10% 40k Essentials 5% 20k
0k 0% Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
* *
*Total revenues / Number of TV customers taking content
22 Q1 Q2 Q3 Q4 Mar 2013 Mar 2014
Dual-Play Triple-Play Dual-Play TV
80% satisfaction rating Those who have used TalkTalk TV the most are the happiest Only 318 complaints to Ofcom relating to TV in H2
23 100% Sky 90% TalkTalk 80% Virgin Media
70%
60%
50%
40%
30%
20%
10% BT Retail
0% Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 FY17
As a result TV will drive lower churn and higher ARPU across the base
24 Take-up Usage Loyalty
• Over 1m customers in • Customers love • NPS significantly 18 months YouView functionality higher than Broadband • Proposition appeals • 28+% are purchasing to 18m households boost and TVOD • Reporting higher who want a little bit content likelihood to stay with more TV TalkTalk beyond • 228k TVOD in Q4 and contract • 25% of base leaves growing significant headroom • Early life churn half • Average boost and that of broadband • CPA declining TVOD ARPU c£9.00
TV customers will deliver 2x the Average Lifetime Value of Dual Play customers
25 284k 109,000 net adds in year taking base to 260k 284,000 236k 202k 7% of on-net base vs 4.5% a year ago 175k 152k Mobile customers continue to show lower 117k churn and higher NPS 85k Expect base to continue to grow
Q1 '13 Q2' 13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 Q3 '14 Q4 '14
134,000 net adds in year taking base to 207k 207,000 177k
142k 5.0% of on-net base vs 1.9% a year ago Overall demand still modest except where 95k 73k higher speeds transform experience 52k › 50% of fibre customers take TV 30k 15k › 11% of TV customers take fibre
Q1 '13 Q2' 13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 Q3 '14 Q4 '14
26 +11% +38% £91m +9% £87m +29% +3% £82m £82m £80m £80m £80m £80m
Q1 '13 Q2' 13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 Q3 '14 Q4 '14 Q1 '13 Q2' 13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 Q3 '14 Q4 '14
Continuing strong growth in Data revenues (+37.5% y-o-y) drives Corporate growth of 17.4k 15.2k 5.6% in FY14 13.7k 11.8k Strong growth in H2 from new contract wins 10.3k 8.7k e.g. Iceland Group, Selfridges 7.1k 3,024 Ethernet enabled exchanges 5.4k
Q1 '13 Q2' 13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 Q3 '14 Q4 '14
27 - Fibre to the Premise - Uses excess daytime capacity and Mobile will drive - 95% Ethernet coverage long term growth in B2B
- Scale and focus enables competitive pricing for high margin - Same opportunity to data connectivity products make TalkTalk Business simpler as in Consumer
- Grow market share from <5% - Through partners and direct
A integral component of TalkTalk’s 4% revenue CAGR and 25% EBITDA margin targets
28 Carrier Maintain Data into Big Public sector Business FTSE100 & multinationals Three areas Corporates Maintain & Enterprises of growth Maintain strength SME of Partner channel
Micro SME
SOHO
Consumers (through Partners) Going Big in Small
29 FY14 FY15 and beyond
Scaling ethernet Data into Big Over 17,000 EFM and Ethernet lines connected Increase value from New business: Iceland, Hutchison 3G, Selfridges Business managed ethernet
Maintain strength Successfully migrated Post Office base Supporting partner FTTC Wholesale growth with new data of Partner channel Migrated O2 wholesale base products
Leveraging Consumer experience Triple play (Phone, BB Going Big in Small Simpler, better value products and Mobile) Re-focused sales team driving market share
30 SAC reduction through lower SAC reduction Churn through lower 25% CPA c£30m
Incremental Making TalkTalk >£70m Revenue at Simpler constant gross margin >£40m EBITDA £475m >£120m 12.3% Implied Revenue of £1.9bn (4% CAGR) EBITDA £213m
FY14 FY17
31 5.0% 4.0%+ + Base growth & ARPU + New products + TV + Mobile + Fibre 1.8% + TalkTalk Business + Data in Big + Partners + Big in Small - Off-net base H1’12 H2’12 H1’13 H2’13 - Voice
(0.1%) H1’14 H2’14 FY14- FY17
(1.9%)
(4.0%)
(4.8%)
32 FY14 FY15 FY16 – FY17
• Disposal of IP Stream base Getting our Exited Narrowband • Rebranding AOL • Tools to sustain simple tariffs Migrating SMPF to MPF customers • Reducing tariffs in Consumer • Exit SMPF in Consumer Stopped selling AOL current and B2B
• Better product and order • Upgrading Consumer billing management systems Detailed business system Systems • Better Assurance tools requirements completed • Reducing B2B billing systems • Product mgt systems Transformation to 2 • Enhanced online platform • Enhancing CRM capability • Rationalise IT infrastructure
Improved customer data • External systems capture • Advanced analytics decommissioned Leveraging Data Data accuracy and capabilities • Better MI for targeting governance
New Service Centre • m.dot sales and service sites Brilliant TalkTalk App • Continuous improvement of • Online attraction Voice recognition IVR self serve channels Self Service • Full home move functionality Better online help
SAVINGS £14.5m Annualised savings of £40m+
33 LEVERS OF POTENTIAL SAC HOW? EVIDENCE TO DATE ASSUMPTIONS SAC SAVING REDUCTION BY FY17
• Triple Play churn • Better customer is 50% of Dual LOWER CHURN experience Play Reduce on-net = c£30m FEWER GROSS • More customers take • Mature Triple Play churn to 1.2% ADDS TV, Mobile and Fibre churn benchmark 0.8%-1.2%
• TV CPA £170 (H1) • Lower Set Top Box costs to £130 (H2) Reduce blended LOWER COST >£70m PER ADD • More self service • BB CPA £190 (H1) CPA by 50% to £180 (H2)
>£100m
34 Partnering with BSkyB (Sky) and CityFibre (CFH) to build the UK’s first ultrafast FTTP network delivering 1 Gig services to consumers and businesses JV will build the network, TalkTalk and Sky will offer competing retail propositions Funding for Phase 1 (20,000 homes): £5m each from TalkTalk and Sky, metro ring assets from CFH Why York: › Existing metro layer network in place, owned by CFH › Strong local enthusiasm for high speed connectivity › Representative demographic and market shares First customers connected in FY15 Process for selecting next two cities in due course
35 FTTC FTTP
No MPF COST TO TALKTALK MPF + GEA = c£17 Line rental equivalent to GEA
50% lower than FTTC Lower than copper but still COST TO SERVE Independent of weather and weather dependent BTOR
Dependent on distance from CUSTOMER cabinet 1 Gig (1,000Mbps) EXPERIENCE Up to 76 Mbps for £15 premium
A premium product for A mass market product for POSITIONING customers with poor broadband everyone speeds
36 COST PER PREMISE KEY DRIVERS TAKE-UP PASSED
ASSUMPTIONS <£500 / Premise passed 30%-40%
• Tier 2 cities combine density • Sky + TalkTalk combined base RATIONALE without urban complexity • Only build with local sign-up – the • No need to use BTOR Google Fibre model • Microtrenching lowers costs • Mass market positioning
POTENTIAL TO SCALE
• 10m households in Tier 2 cities • Strong asset covenant to allow significant debt funding of any future JV
37 TalkTalk Business
WiFi + In-premise 4G
Fibre Fibre Backhaul Fibre Ultrafast Cabinet Ultrafast POP Collector Node
Fibre WiFi + In-home 4G
TalkTalk Consumer
Seamless, genuinely unlimited, low cost connectivity to our customers’ homes and businesses… …which will drive growth for the foreseeable future
38 We have the fastest growing TV business in the UK TalkTalk Business is growing faster than the Group We have delivered a significant step up in EBITDA from H1 to H2, as expected… …and are on track to deliver 4% CAGR in revenue and 25% EBITDA margin by FY17 We have grown our dividend by 15% in the last two years and expect to grow it by no less than 15% again in FY15 In addition we see real potential for future growth, beyond the medium term
39 Appendices £ million FY14 FY13 Change Headline earnings 61 132 -54%
Weighted sverage shares in issue 938 924
Weighted average shares in employee trust (37) (40)
Shares for basic EPS calculation 901 884
Headline EPS - Basic 6.8p 14.9p -54%
Dilutive effect of share options 30 56
Shares for diluted EPS 931 940
Headline EPS - Diluted 6.6p 14.0p -53%
41 £ million Statutory Headline Comments EBITDA 191 213 P&L exceptional £22m Other 4 Share based payment charge £4m Adjusted EBITDA 195 213 Share based payment charge £4m, £1m Working Capital (35) (30) exceptional provision movement Capex (107) (107) Operating Free Cashflow 53 76 Exceptional spend 0 (23) Share buy back and investments (41) (41) Tax & Interest (17) (17) Dividend (99) (99) Net cash flow (104) (104)
42 BBC More4 Sky 1 Discovery ITV Food Sky sports news National Geographic Channel 4 Film4 Universal Animal Planet Channel 5 Cbeebies Fox MTV Aljazeera Sky News E! Pick London Live Comedy Central Dave
Sky Movies (11 channels) Nickelodeon Picturebox Cartoon Network BBC TalkTalk Box Office Universal Disney ITV Now TV Fox Scamp Channel 4 Sky store TCM Channel 5 Dave Star Milkshake Sky sports 1-4 Sony Asia Sky sports F1 Eros
43 Asymmetric, asynchronous, High speed non Symmetric, synchronous, Contended, business SLAs, symmetrical non-contended, business-grade SLAs, high speeds <2Meg upstream
MPF & SMPF Broadband SFBB EoFTTC EFM 10 MB 100 MB Gig
< £20 p.m. From From From From £25 p.m. £100 p.m. £350 p.m. £1,000 p.m.
44 GOOD BETTER BEST Simply Broadband Essentials TV Plus TV £3.50 £8.50 £18.50
Totally unlimited broadband, no caps and Totally unlimited broadband, no caps and no Totally unlimited broadband, no caps and no speed loss at peak times speed loss at peak times no speed loss at peak times Britain's safest connection, with award Unlimited eve & w/e calls to UK landlines Unlimited anytime calls to UK landlines winning HomeSafe security service including 0870 and 0845 numbers including 0870 and 0845 numbers Free calls between all TalkTalk customers Britain's safest connection with award Britain's safest connection with award winning HomeSafe security service winning HomeSafe security service and Free calls between all TalkTalk customers Super Safe Boost FREE YouView box worth £149 Free calls between all TalkTalk customers 70+ Freeview channels some in HD FREE YouView + box with PVR, worth £299 7-day catch up with BBC iPlayer, ITV Player, 7 Sky Entertainment Channels Demand5 and 4oD 70+ Freeview channels some in HD Pause for up to 30 minutes Pause, rewind & record, including whole Access to Now TV & TalkTalk BOX OFFICE series record at the touch of a button Add entertainment channels with Kids or Record over 200+ hours of freeview Picturebox TV Boosts a month at a time 7-day catch up with BBC iPlayer, ITV Player, Demand5 and 4oD Access to Now TV & TalkTalk BOX OFFICE Add entertainment channels with TV Boosts like Sky Sports and Sky Movies a month at a time
45 TalkTalk Sky Virgin Media BT Plusnet Unlimited BB 50 MB Broadband Unlimited Broadband Unlimited Broadband Simply Broadband + Wkd Calls Only + Wkd calls + Wkd calls Subscription £3.50 £10.00 £25.00 *£16.00 £9.99 Download Totally Unlimited Totally Unlimited Unlimited Totally Unlimited Unlimited Line Rental £15.95 £15.40 N/A £15.99 £14.50 Monthly cost (inc LR) £19.45 £25.40 £25.00 £31.99 £24.49 One off charges £30.00 £6.95 £49.95 £6.95 £5.99 18 month total £380.10 £464.15 £499.95 £582.77 £446.81 Saving with TT £84.05 £119.85 £202.67 £66.71
Monthly with VLR £15.25 N/A N/A £29.32 £20.98 18 month total £304.50 £464.15 £499.95 £534.71 £383.63 Saving with TT £159.65 £195.56 £230.21 £79.13
* Excluding any promotions
46 TalkTalk Sky Virgin Media BT Essentials TV (Eve & TV Entertainment inc Starter collection 50MB Broadband and TV Weekend calls) Lite box Broadband Lite (Weekend (Weekend calls) Essential (Weekend calls) calls) Subscription £8.50 £21.50 £20.00 £15.00 Download Totally Unlimited 2 GB Unlimited 10 GB Line Rental £15.95 £15.40 £15.99 £15.99 Monthly cost (inc LR) £24.45 £36.90 £35.99 £30.99 One off charges £50 £36.95 £49.95 £41.95 18 month total £490.10 £701.15 £697.77 £599.77 Saving with TT £211.05 £207.67 £109.67
Monthly with VLR £20.25 N/A £30.67 £28.32 18 month total £414.50 £701.15 £602.01 £551.71 Saving with TT £286.65 £187.51 £143.21
* Excluding any promotions
47 TalkTalk Sky Virgin Media BT TV Entertainment inc Unlimited Broadband & Plus TV (Anytime calls) Starter Collection 50MB Broadband Unlimited TV Essential with Anytime Youview PVR with Anytime calls with Anytime Calls calls Subscription £18.50 £34.00 £28.00 £28.00 Download Totally Unlimited Totally Unlimited Unlimited Totally Unlimited Line Rental £15.95 £15.40 £15.99 £15.99 Monthly cost (inc LR) £34.45 £49.40 £43.99 £43.99 One off charges £50 £36.95 £49.95 £41.95 18 month total £670.10 £926.15 £841.77 £833.77 Saving with TT £265.05 £171.67 £163.67
Monthly with VLR £30.25 N/A £38.67 £41.32 18 month total £594.50 £926.15 £746.01 £785.71 Saving with TT £331.65 £151.51 £191.21
* Excluding any promotions
48 TalkTalk Sky Virgin Media BT Essentials TV (Eve & TV Entertainment with TV Essential + Infinity Weekend calls) with Fibre Starter Collection 50MB Fibre Unlimited Extra M (Weekend calls) (Weekend calls) (Weekend calls) Lite Box Subscription £18.50 £41.50 £20.00 £21.00 Download Totally Unlimited Totally Unlimited Unlimited 40GB Line Rental £15.95 £15.40 £15.99 £15.99 Monthly cost (inc LR) £34.45 £56.90 £35.99 £36.99 One off charges £80.00 £86.95 £49.95 £55.95 18 month total £700.10 £1,115.15 £697.77 £721.77 Saving with TT £415.05 £2.33 £21.67
Monthly with VLR £30.25 N/A £30.67 £34.32 18 month total £624.50 £1,115.15 £602.01 £673.71 Saving with TT £490.65 £22.49 £49.21
* Excluding any promotions
49 FY12 FY13 FY14 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 KPIs (m) On-Net Broadband & Voice 2.827 2.910 2.966 3.066 3.096 3.162 3.231 3.295 3.346 3.402 3.532 3.570 Broadband Only 0.815 0.758 0.712 0.689 0.669 0.642 0.609 0.575 0.548 0.526 0.503 0.490 Total On-net 3.642 3.668 3.678 3.755 3.765 3.804 3.840 3.870 3.894 3.928 4.035 4.060
Churn 1.7% 1.6% 1.6% 1.5% 1.5% 1.4% 1.7% 1.6% 1.5%
Unbundled 87% 89% 90% 92% 93% 94% 95% 95% 96% 96% 96% 97% Fully Unbundled 68% 70% 73% 75% 77% 78% 80% 81% 82% 83% 84% 85%
Mobile 0.027 0.038 0.045 0.061 0.085 0.117 0.152 0.175 0.202 0.236 0.260 0.284 Fibre 0.001 0.003 0.005 0.008 0.015 0.030 0.052 0.073 0.095 0.142 0.177 0.207 TV 0.080 0.230 0.390 0.557 0.732 0.917
Off-net Broadband 0.530 0.461 0.401 0.311 0.282 0.239 0.213 0.193 0.177 0.148 0.151 0.136 Voice 0.621 0.573 0.525 0.476 0.436 0.407 0.380 0.358 0.335 0.315 0.297 0.282
Total Broadband 4.172 4.129 4.079 4.066 4.047 4.043 4.053 4.063 4.071 4.076 4.186 4.196
Revenue (£m) On-net 261 263 276 284 285 288 292 305 306 306 320 327 Off-net 85 77 67 58 49 46 43 40 35 34 29 30 Corporate 77 81 79 79 80 80 80 82 80 82 87 91 Total 423 421 422 421 414 414 415 427 421 422 436 448
ARPU (£) On-net 24.00 23.99 25.05 25.47 25.27 25.37 25.47 26.37 26.28 26.08 26.79 26.93 Off-net 23.41 23.49 22.79 22.57 21.71 22.48 23.13 23.31 21.94 23.25 21.23 23.09
Exchanges Unbundled in period 30 171 130 170 83 104 22 7 74 181 35 13 Total unbundled 2,037 2,208 2,338 2,508 2,591 2,695 2,717 2,724 2,798 2,979 3,014 3,027
50