Christian Maher Quotations

We expect to see a marked slowdown in revenue growth in three of Vodafone's major European markets: Germany, Italy and Spain. Each has experienced significant termination rate cuts ... and this will have hit service revenue growth.

The outlook remains unchanged, but the business has to pedal faster on subscriber growth to offset falling average revenue per user in order to meet expectations.

The outlook is worse than we had hoped.

The move (to sell) is not illogical given the lack of control, but it is slightly at odds with the company's more recent moves to add to its National Telco assets.

It's a savage profit warning for the UK with the number for 2007 likely to shift materially below current expectations. You are probably looking at cuts of between 30 and 50 percent to UK profitability for 2007.

It's a savage profit warning for the UK, with numbers for 2006/07 likely to shift materially below current expectations.

It's a savage profit warning for the UK.

C&W has announced a sharply lower outlook for UK profitability in 2007, underlining our fears about dire performance in this division. There may also be doubts about the dividend cover from here.

The industry news remains dire and the brief outlook given here for 2007 is worse than we had hoped.