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Shares are at a 14 1/2 year low. Can it really get any worse? Dr Reynolds has to pull something out of his hat real quick.

Telecom bosses lamenting an "uninspiring" result for the half year to December say that New Zealand's biggest public company is "stretched" and its results will get worse before they get better.

Telecom's problems have come home to roost, combining in what chief executive Paul Reynolds called a "disappointing" result.

Reynolds is sticking to the company guidance that it will end the year on June 30 with New Zealand profits within 8 per cent of last year.

But Goldman Sachs JBWere analyst Tristan Joll said it was disappointing that the company was at the bottom end of its profit guidance.

It would need to work hard to keep the fall in profits under 8 per cent.

Analysts - who said the half year results to December 31 were slightly worse than they expected - say that the company may have already faced off some of the problems through aggressive competition.
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