Coax on the march

UGC has just reported Q4 results, and the management overview makes reference to 55k VoIP users currently in the Netherlands and Hungary since product launch last October. We don't know how many they ended the year with, but in November they were guiding towards 15 - 20k. Assuming they hit that, then the current number implies that net adds are running at 3,600 per week, or thereabouts, so far this year. To put this in perspective, Carphone Warehouse's TalkTalk product adds around 9,000 per week, but in a much larger and broader addressable market (CPS in the UK [population >59m], vs. broadband in the Netherlands and Hungary [combined population c.26m]). Not huge numbers, but a respectable growth rate, and France launches later this month.