Yahoo Finance TalkTalk boss refuses to rule out going private as revenues surge
The boss of TalkTalk today declined to rule out taking the telecoms business private amid City speculation.
Stake-raising from the telecoms firm’s second-largest shareholder, Toscafund, as well as directors including executive chairman Charles Dunstone and chief executive Tristia Harrison, has seen traders speculate about delisting.
Today Harrison twice dodged direct questions about whether TalkTalk will still be a public company this time next year, responding: “We’re focused on making sure we do the best thing for our customers.”
TalkTalk stock fell almost 40% in a year, amid cash fears and the aftermath of 2015’s cyber attack. But today it reported strong growth in the three months to July, with revenues surging 4.1% to £382 million.
The number of fixed-price broadband subscribers grew to 2.1 million, despite the first wave of customers coming to the end of their contracts.
Harrison said TalkTalk’s fixed-price broadband was the reason for its recent growth. “People want price certainty, they’re fed up with prices going up in the middle of a contract.
“Record numbers are streaming… people just want more and more from the pipe.”
Shares rose 7.5p to 117.4p, still well off the 181p price of a year ago and the 235p levels of two years ago, when a takeover by Vodafone was rumoured.
