TalkTalk’s £73m loss on price cuts

THE cost of TalkTalk’s plan to win back customers with price cuts pushed it into a £73m loss.

It lurched into the red despite adding a record 109,000 customers in the fourth quarter and 192,000 during the year to March 31.

But the telecoms group was walloped by £119m of one-off costs linked to its turnaround plan, and revenues fell 4pc to £1.7bn.

The loss was widely expected after the firm issued an earlier profit warning. TalkTalk also confirmed it was selling part of its business-tobusiness arm to Daisy Group for £175m, prompting rumours it would be put up for sale.

Enders Analysis’s Karen Egan said: ‘Any potential buyers will be encouraged by today’s results.’

Tristia Harrison, TalkTalk’s chief executive, said: ‘Our decision to invest in growth has come with short-term implications for earnings, but positions us well for this year.’

She expected the company to return to profitability in the coming year. Yesterday, TalkTalk shares fell 0.2pc, or 0.2p, to 121p.