FT reported pretty good results, both in revenues and margins. 1Q08 revenues amounted to €13bn, up 1.4%, while EBITDA grew 3% to €4.8bn with an EBITDA margin of 36.8% (+0.5pp). Most items were reported above forecasts. Growth was driven by good results in the mobile business in Europe and Africa, and cost control. With the results, FT is on track achieving 2008 goals of cash flow over €7.8bn and a stable EBITDA margin. The possible bid for Teliasonera marked the quarter, and FT reiterated its interest in the Nordic markets and more generally in consolidation in Europe and emerging markets.