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Broadband ISP TalkTalk Group UK Tops 4.119m Broadband Subscribers

Posted: 08th Oct, 2009 By: MarkJ
The Carphone Warehouse ( TalkTalk Group - AOL UK , Opal , Tiscali etc. ) has posted a new Trading Statement revealing its latest second quarter results, which for the first time included its May'09 £236m acquisition of Tiscali UK. Combined the entire group raised its pre-Tiscali total from 2.85m in Q1 2009 to 4.119m in Q2 (excludes Tiscali Wholesale base [150k]).

However this larger figure somewhat eclipses the fact that the group as a whole grew by just +15,000 net new broadband subscribers, which is mostly because of Tiscali's continued decline (it lost -62,000 in the quarter); without Tiscali, TalkTalk's growth would have been +77,000.

Charles Dunstone, Chief Executive Officer, said:

"Tiscali's broadband customer base fell by 62,000 during the period, which was broadly in line with our expectations, with the churn rate improving as the quarter progressed due to better customer retention activity.

As part of the completion process for the Tiscali acquisition, there is a mechanism for adjusting the consideration paid for the actual number of customers acquired on completion compared to the indicative customer base reported by Tiscali S.p.A. On the basis of the definition of customers in the acquisition agreement, we anticipate the adjustment required will be a reduction of 160,000 customers, who are predominantly broadband customers. The consequential true up payment due to us will be made from funds currently held in escrow.

We nevertheless remain confident that TalkTalk Group will end the current financial year with a total broadband base of between 4.1m and 4.2m customers and thus maintain the guidance we announced in June this year."

TalkTalk also continued to provision customers (including AOL UK) onto its unbundled ( LLU ) network, with another 75,000 added in the quarter, taking their total unbundled TalkTalk base to 2.32m or 79% of the total base.

At the end of the quarter, approximately 51% of the Tiscali customer base was also on an unbundled platform, leaving further opportunity to migrate more of their customers onto TalkTalk's own integrated network.

Interestingly the merger of TalkTalk and Tiscali also leaves a new place open in our 'Top 10 Broadband ISPs By Subscriber Size' table, which will be filled by the popular UK ISP Zen Internet and about time too.
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