Feb 1, 2019

TalkTalk warns on profit as it battles for customers

TalkTalk has warned on profit as it continues to cut broadband prices in its battle with Vodafone for customers. Shares in TalkTalk dropped 7 per cent to 103.5p, their lowest level for almost a year. Revenue in the quarter was 3 per cent higher at £386m. At the same time, it said its earnings for the year could be as low as £245m. Wilton Fry, an analyst at RBC, said that the company's promise to "Invest in price" was in fact "An oxymoron for a profit downgrade". TalkTalk last year announced a major project to expand its own full fibre network and take on rivals BT and Virgin Media, rather than leasing capacity from BT. But despite raising £200m to do so, it is yet to present a concrete plan. A £1.5bn joint venture with Infracapital fell through last year and TalkTalk has only unveiled plans to extend its York fibre network to a few nearby towns such as Harrogate.

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