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TalkTalk focuses on future plans after suffering drop in profits

Thursday, May 12th 2016 by Phil Wilkinson-Jones

Last year’s cyber attack has helped TalkTalk to focus its plans for the year ahead, the company’s CEO has said.

TalkTalk today revealed that pre-tax profits had more than halved in the past 12 months – falling to £14m from £32m a year ago.

The company has already said the attack cost it a total of £60m and saw 100,000 customers leave in the following three months.

But chief executive Dido Harding (pictured) said TalkTalk has “bounced back strongly” since then.

Presenting the company’s annual financial results, she said the company had recorded its lowest-ever quarterly churn – the number of customers leaving over a three-month period.

Ms Harding said the recovery was “testimony to the speed with which customer sentiment towards TalkTalk has recovered, the success of our greater focus on existing customers, and the growing benefits of our simplification programme”.

Since the attack, in which the personal details of thousands of TalkTalk customers were stolen by hackers, the company has made attempts to improve its offering to existing customers.

In the immediate aftermath, TalkTalk didn’t let customers terminate their contracts without incurring a charge, but instead offered them a free upgrade to their package.

It has since launched the TalkTalk TV Store, a subscription-free film and TV service that lets users stream, rent, buy and download shows and movies on a pay as you go basis.

'Trusted'

It has also become the first telecoms provider introduce voice biometric technology, allowing customers to access their account over the phone using their voice as their password.

And only yesterday the company announced that TalkTalk customers will be able to access BT Sport from next month on a rolling monthly contract direct from BT.

Ms Harding said TalkTalk is well positioned to build on “strong credentials as the UK’s leading value for money quad-play operator”.

“There has never been a clearer space for a trusted value champion and our learnings from and experience since the cyber attack have helped to focus our plans for the year ahead.

“We see strong opportunities for growth across all our products, both for consumers and for businesses, against the backdrop of an increasingly supportive regulatory environment.”

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