BTGS is BT's largest division in terms of revenues, which were down on most fronts for the last quarters. Its EBITDA margin was up and its operating profit turned positive, but free cash flow remains low. Order intake is still weak. BTGS had its fourth CEO appointed in four years in September 2012, Luis Alvarez. He faces ongoing tough market conditions. BTGS's strategy appears to have crystallized along three main pillars: combining telecoms and IT, follow-the-customer to new markets, and focus on certain verticals.
