BT Global Services has been significantly restructured since our last assessment of its business to separate out local from global capabilities. The good news is that it has retained most - if not all - of its major outsourcing contracts. Some customers might have wanted to exit BT, but they are serving out their terms. Big renewals such as the recent Unilever contract extension back up our overall sense, having spoken with its customers, that there is continued goodwill towards BT Global Services.
