TalkTalk swings to £4m profit, but Labour comments stall FibreNation sale
UK telco Talk Talk has swung to a £4m million profit in its half year results, amid a dramatic stalling of its FibreNation sale.
The company reported headline revenue of £764m for the period, which was lower than the £771m for the same time last year.
However, headline earnings before tax and other costs (EBITDA) were £115m versus £101m for the same time last year.
In its half year statement, Talk Talk said it was in “Ongoing advanced negotiations with interested parties regarding its FibreNation business”.
Labour party comments delayed results
The company’s half-year results were due out on Tuesday. However, they were held back as it was thought the telco was close to completing a deal for FibreNation.
In a dramatic twist of events, the sale was paused on Friday after the Labour Party announced plans to nationalise parts of telecoms giant BT.
“Not surprisingly, when news of that sort lands, everybody’s reviewing, pausing for breath, and considering what that means, and that’s what happened here,” chief executive Tristia Harrison told the PA news agency.
“We are in extremely advanced discussions and negotiations,” she added. “We’re just pausing and reconsidering.”