Everything Everywhere hit by enforced call price cuts

Everything Everywhere, the mobile phone combo of Orange and T-Mobile in this country, which even the chief executive admits has a "silly" name, saw revenues drop 4% to £1.7 billion in the past three months. It was hit as regulators forced mobile companies to charge less for receiving calls from other networks and landlines.

Chief executive Olaf Swantee said: "Despite ongoing economic pressure and the impact of regulated cuts to mobile termination rates, our business performance is in line with our current expectations."

Swantee has cut the group's senior management team from 26 to ten since he took over from Tom Alexander in September. A spokesman claimed that his "silly" comment had been taken out of context and that Everything Everywhere would remain a key brand, particularly for retail stores which sell both networks' brands.