An interesting business metric I like to track, for companies like BT, is revenue per iconic red phone box (RPIRPB.)

For BT, their RPIRPB is £1.09m. Roughly speaking, for every million pounds they rake in, they are obliged to maintain one phone box.

BT have other infrastructure of course, as well as many of the usual costs involved in running a business that employs 100k people. That 1M£ RPIRB isn’t just for red paint!

Other cost centres include: branding consultancy (new logos and such), servicing venture finance (the £4bn for premiership rights alongside all the other investment into BT Sports channels 1, 2, 3, Classic, Free, Europe, Ultimate, BoxNation…); equity refreshers for all employees (5/1000ths of a basis point each, 3 year vesting); payroll (average employee £19k, CEO £5m.)

It’s all about balancing priorities — upkeep of a national icon with which you have been entrusted vs ongoing return on investment for private capital / shareholders.

Upsy downsies