In 2002, BT Group’s then new chief executive, Ben Verwaayen said sales would grow annually by 6-8 per cent. It has taken 14 quarters, but on Thursday BT finally hit his target. Admittedly third quarter growth of 7.9 per cent falls to 3.2 per cent excluding acquisitions. But in a bleak industry environment, Mr Verwaayen’s claim to have transformed BT suddenly looks more credible.

The saviour of BT’s top line has been its ‘New Wave’ of IT and broadband services which are now a third of sales. Their profits remain murky, but flat overall earnings before interest, tax, depreciation, and amortisation are respectable given that BT’s legacy products are being eaten alive.