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British telecom group TalkTalk dived to a half-year loss after booking a net loss of £75m for the six months to the end of September and has also flagged that annual earnings would come in at the lower end of its targets as it pushes through further investment in the second half of the year.
The shares in the firm fell 17 per cent today as markets opened. Revenues also dipped 5 per cent to £828m for the half year.
The company, which is led by executive chairman Sir Charles Dunstone, said that the company was experiencing “strong demand” for its low-price TV, internet and phone plans.
Chief executive Tristia Harrison also said that the firm was delivering on promises made earlier in the year: “When we simplified and reset the business in May we said our priorities were growth, cash and Ebitda [Earnings before interest, taxation, depreciation and amortisation] in that order,” she said.
“The first half performance shows we are delivering on that plan.”
TalkTalk said its broadband base had grown for the third successive quarter and managed to hold onto customers better than it had been doing a year ago. The firm added 26,000 net new customers during the second quarter with customers responding positively to fixed low-price plans.