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TalkTalk shares slump 10% | TalkTalk shares slump 10% |
(about 2 hours later) | |
TalkTalk shares have fallen almost 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. | 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 suffered a major hacking attack in 2015 which saw its profits halve that year. |
Just after midday, the FTSE 100 overall was almost flat, up 0.33% to 7,366.67. | |
Barratt Developments was one of the few bright spots, surging 4.4% after the house builder said full year profit would be at the top end of forecasts. | |
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. | 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. |
The builder has been boosted by rising house prices and government schemes to help people get on the housing ladder. | The builder has been boosted by rising house prices and government schemes to help people get on the housing ladder. |
ITV shares fell 2.5% after the broadcaster reported a 3% drop in revenues for the first quarter of this year. | |
On the currency markets, the pound was up 0.07% against the dollar at $1.29450 and up 0.14% against the euro at 1.19100 euros. | |
Brent crude prices were 1% higher at $49.20 per barrel. |