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

The outlook is worse than we had hoped.

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 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 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.

The insurance payments are going to go away. The outlook remains very bleak.