TalkTalk has fallen into the red after absorbing the £119m ($158m) cost of a turnaround plan. Shares fell in February as the company reduced its dividend for the second time in a year, downgrading expectations for profits to £235m from £280m as the firm has been forced to cut prices to compete with rivals BT, Sky and Virgin Media In the year to 31 March, the company reported pre-tax losses of £73m, compared with a profit of £70m the previous year, despite posting its biggest-ever quarterly net growth in new customers, up 109,000 in the final quarter. The company’s chief executive, John Fellet, said he was “disappointed” by the results and would be looking for more savings from his board.
TalkTalk has fallen into the red after absorbing the £119m ($158m) cost of a turnaround plan. In the year to 31 March, the company reported pre-tax losses of £73m, compared with a profit of £70m the previous year, despite posting its biggest-ever quarterly net growth in new customers, up 109,000 in the final quarter. The company’s chief executive, John Fellet, said he was “disappointed” by the results and would be looking for more savings from his board.