News 

The results - for the third quarter ending 31 December 2001 - showed turnover increasing by 6.5 per cent with pre-tax profits standing at a better-than-expected £381m...

I could go on, but that's not what you really want to read. Of more interest was the awaited news of changes to BT's handling of broadband access. The new CEO, Ben Verwaayen, did promise 'substantial' cuts to the cost of the wholesale broadband service (which is purchased by ISPs offering ADSL to consumers).

ADVERTISEMENT

But not much more information was to be had - he promised details of BT's new strategy 'within weeks', echoing the comments of Chairman Bland yesterday.

Verwaayen did assert, though, that BT Group would not cut wholesale broadband charges below cost. 'Broadband should be a profitable business on both the retail and wholesale side,' he said.

Britain, of course, lags behind in the broadband stakes in Western Europe. Although, as Oftel would point out, it is leading the way with narrowband access (with up to 45 per cent of homes now believed to be Net-connected).

As for the financial results, in the chairman's statement accompanying the figures, Sir Christopher Bland was upbeat about the quarter: 'We successfully demerged mmO2 and completed the sale and lease back property transaction in the third quarter' and 'the operating results for the quarter were satisfactory'. He also welcomed the appointment of Verwaayen as CEO and stated that BT's infamous debt had now been reduced to £13.6bn.