Jul 17, 2018

TalkTalk soars on gains in wholesale business

TalkTalk shares jumped almost 10 per cent on Tuesday after the broadband company revealed it had added 80,000 customers in its first quarter and increased revenue in its core business by 4 per cent. The gains in the three months to the end of June came despite the company losing customers in the consumer segment, with the rise coming from its wholesale business in which other telecoms providers use its network to serve business users. Faced with a crowded field of competitors offering broadband and television packages, including Sky, Virgin Media and BT, TalkTalk has launched a recovery plan based on customer growth as it refashions itself as a budget broadband player and simplifies its business. "After resetting the business last year, we are now a much simpler, lower-cost business," said Tristia Harrison, chief executive. TalkTalk's customer base stands at 4.2m. It reported revenue of £382m for the quarter, excluding non-core sales, with its total consumer, wholesale and direct business revenue rising 3.7 per cent to £309m. The company also reiterated its outlook for 15 per cent headline earnings growth this year.

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