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TalkTalk shares slump 10% TalkTalk shares slump 10%
(about 2 hours later)
Shares in TalkTalk have fallen over 10% after the broadband provider cut its dividend and warned profits will fall. 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.
The FTSE 100 overall was flat, up 0.03% to 7,344.5. 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 4.3% after the house builder said full year profit would be at the top end of forecasts. 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 1.4% after the broadcaster reported a 3% drop in revenues for the first quarter of this year. 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 0.23% against the dollar at $1.2966 and up 0.12% against the euro at 1.19070 euros. 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 0.7% higher at $49.07 per barrel. Brent crude prices were 1% higher at $49.20 per barrel.