TalkTalk sees falling sales and profits for the year
- 17 May, 2013 09:08
TalkTalk has posted both falling revenues and profits for the full year, although maintains it is on course for steady business growth.
Though TalkTalk saw year-on-year fourth quarter sales growth of 1.4 percent, for the year sales dropped from £1.687 billion to £1.670 billion. In addition full year pre-tax profits slipped from £127 million to £122 million.
Despite this, the full-year dividend has gone up 15.6 percent to 10.4p, and the company is committed to a 15 percent increase in financial year 2014.
TalkTalk says it increased its TV subscriber base by 150,000 during the year to take the total to 230,000 - still a modest total compared to the millions who subscribe to Sky and Virgin, and also well behind BT Vision.
TalkTalk however says its fledgling TV subscriber base was growing by 12,000 a week as it came out of the fourth quarter.
Net debt was reduced by £41 million to £393 million.
Dido Harding, chief executive of TalkTalk, said, "This has been a momentous year for TalkTalk, which is now a fundamentally better business than it was three years ago.
"In the year we have returned our customer base to growth, successfully launched TV and mobile handsets, grown TalkTalk Business and returned to year-on-year revenue growth in the final quarter."