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Carphone Confirms TalkTalk ISP Split and Tops 2.8m Broadband Subs

Posted: 22nd Apr, 2009 By: MarkJ
The Carphone Warehouse ( TalkTalk , AOL UK , Opal etc. ) has released its latest trading update, which reveals that its broadband subscriber base has increased from 2.7m in Q4-2008 to 2.8m in Q1-2009 (+74,000 quarterly net adds). This brings CW back to the same figure it held in Q3-2008, following a brief decline. The group also confirmed that its UK broadband ISP division, TalkTalk , would be demerged - though they did not confirm when.

Charles Dunstone, Chief Executive Officer, said: "The Board has completed its initial review of the Group structure initiated in November last year. We believe shareholder value will be best served by a demerger of the two operating businesses to create two separately-listed companies. However, the timing of any demerger will depend on the cost and reallocation of the Group’s credit facilities. Meanwhile, the operational separation of the two businesses has already effectively been achieved.

In the meantime, we have reviewed our sector classification, and both FTSE and Dow Jones have confirmed that with effect from 22 June 2009, we will be re-classified in the Fixed Line Telecommunications sector. We believe this better reflects the weight of earnings within the Group.

The macro environment will undoubtedly present challenges in the year ahead but at this stage we are not seeing it deteriorate further. We are well funded, and have clear and simple strategies for our two businesses which balance growth with tight operational efficiency and cash generation.
"

TalkTalk recorded net broadband adds of +97,000, with the AOL UK broadband base declining by 23,000. They ended the year with 2.2m unbundled ( LLU ) customers, representing 78% of the user base and making TalkTalk Group one of the largest unbundlers in the UK.

Carphone's TalkTalk group is expecting more modest broadband subscriber gains of between 125,000 and 175,000 over the coming year. Revenue growth is expected to remain fairly flat, albeit with a slight rise coming from their new booster upgrade options (i.e. faster speed add-on's etc.).
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