TalkTalk shares plummet after it posts £75m loss

TalkTalk is taking steps to claw back market share

TalkTalk is taking steps to claw back market share

TalkTalk generated £44m of profit in the same period past year.

Nevertheless, TalkTalk guided that full-year earnings would be at the lower end of its £270m to £300m range.

TalkTalk has been trying to reinstate its standing as a budget internet provider after its reputation took a hit from a cyber attack in 2015, which saw the personal data of more than 150,000 customers stolen.

"We expect to step up our planned investment in growth in the second half, as we take advantage of the strong demand", Harrison said. It added 46,000 subscribers to its network, compared with losses of 29,000 in the first half of past year, although lower prices reduced its average revenue per user.

A futher £59m exceptional charge was incurred for costs associated with implementing changes to the group's organisational structure.

Harrison said the firm had achieved this despite "an uncertain economic environment". "Our revised strategy of focusing the business on fewer, clearer priorities is re-establishing TalkTalk as the value provider of choice in the United Kingdom fixed connectivity market".

"When we simplified and reset the business in May, we said our priorities were growth, cash and EBITDA [earnings before interest, tax, depreciation and amortisation], in that order", the chief executive said.

"We have now delivered a third consecutive quarter of growth in our broadband base, with both retail and wholesale bases growing; returned to on-net revenue growth; and delivered lower churn than a year ago". It is also about to launch a "simple and compelling new mobile proposition".

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