Ian Livingston could hardly have got off to a worse start. At the presentation of his first set of results as BT chief executive last month, he disappointed investors on profit and cash flow.

Some analysts are becoming increasingly critical of the UK’s leading fixed-line telephone company, claiming the management’s credibility is on the line following the poor first-quarter results for 2008-09. They are also warning there are few events on the horizon that can improve BT’s position.