“We have recognised for some time that consolidation of the telecoms sector has been overdue, and we are now seeing evidence of deals being done. At the same time, the telecoms market continues to weaken as a result of sustained excess capacity in the industry and intense pricing pressures. Your Communications has reached broadly neutral EBITDA and cashflow positions, and we are now accelerating our plans for its disposal. Consequently, we have taken a net impairment charge of £99 million in these results, adjusting the carrying value down to around one per cent of the group’s net operating assets. This charge reflects both the challenging trading outlook for the telecoms industry and our view that the interests of our telecoms business are best served by its participation in the current round of consolidation in its industry through a sale process.
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