Broadband provider TalkTalk losses have narrowed as customers are switching to the more expensive, faster fibre broadband service.
In the 12 months to 31 March pre-tax losses reached £5m compared to a £100m loss the previous year.
Revenues are down by 1.3% to £1.63bn as new customers slowed. Over the year around 150,000 customers signed up, down from 192,000 the previous year. Of those new customers 71% took out high speed fibre broadband.
The broadband firm has 4.3m customers in the UK with 2,000 new customers in the three months to 31 March. Underlying pre-tax profits, the company’s preferred measure was up by 16.7% to £237m.
Tristia Harrison, chief executive said, ‘The fundamentals of the business are much stronger. We have grown our customer base in a disciplined way, accelerated Fibre take-up, and reduced costs.
‘Having re-structured the customer base to reduce the difference between our front and back book pricing, the business is also well placed to benefit from imminent regulatory changes related to fairer pricing.”