Report Overview


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EE Q3 2014 results: 4G surges, revenue growth slows


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EE’s 4G adoption continued to surge, with 1.4m net adds, over 80% of new contract sales taking 4G and just under 40% of contract base having adopted it.
Mobile service revenue growth however slowed to -2.4% from -1.1% the previous quarter, with an extra regulatory hit from the EU’s ‘Consumer Rights Directive’ doing some of the damage, as well as some underlying weakness.
Operating revenue growth (i.e. including fixed and revenue from MVNOs) was much healthier, helped by the fast growing fixed broadband business, but growth in mobile is crucial to driving profitability given the operating leverage involved.