May 10, 2017

TalkTalk shares slump 10%

Shares in TalkTalk have fallen over 10% after the broadband provider cut its dividend and warned profits will fall. TalkTalk reported a £133m pre-tax profit for this year, up from £107m for 2016, but said it expected earnings to fall again this financial year as it invests to attract new customers. The firm suffered a major hacking attack in 2015 which saw its profits halve that year. The firm expects a £733m pre-tax profit for the year to the end of June, up 7% on the previous year, despite building a similar level of homes. ITV shares fell 1.4% after the broadcaster reported a 3% drop in revenues for the first quarter of this year.

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