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TalkTalk slumps 11% on profit warning | |
(about 5 hours later) | |
TalkTalk shares have fallen almost 11% 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 profits to fall again this financial year as it invests to attract new customers. | |
The firm suffered a major hacking attack in 2015 that halved its profits that year. | |
The FTSE 100 ended the day 0.6% higher at to 7,385 points. | |
Hargreaves Lansdown was the biggest riser, up 2.7%, while Barratt Developments ended 2.2% higher after the housebuilder said annual profit would be at the top end of forecasts. | |
Barratt expects a £733m pre-tax profit for the year to 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 was the biggest faller, down 2.3%, after the broadcaster reported a 3% drop in revenues for the first quarter of the year. | |
On the currency markets, the pound was flat against the dollar at $1.2936 and against the euro at 1.1896 euros. | |
Brent crude regained some of the ground it lost last week, rising 3% to $50.20 a barrel. |