TalkTalk speaks of profit warning

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TalkTalk speaks of profit warning
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TalkTalk (LON:TALK) shares fell by 8% to 102.8p (as at GMT 14:15) after the company lowered its profit guidance to reflect increased costs in acquiring new customers and a change in accounting policies.

The UK telecoms group announced that revenue in the quarter ended 31st December 2018 increased by 3% to £386 million, but it lowered its EBITDA (earnings before interest, tax, depreciation and amortisation) forecast for the financial year by £10 million to £15 million, to £245 million and £250 million. Consensus was for £259m, according to Bloomberg.

Commenting on the announcement, CEO Tristia Harrison said he was confident in seeing “strong earnings growth for FY20”.

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