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Carphone's Q3 fails to please investors

Numbers up? Meh

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CarphoneWarehouse said today that trading in the third quarter was towards the top end of expectations and it is on track to split the company into two.

But the markets weren't impressed - CPW shares are up only half a percent, admittedly on a falling market.

The company said it expects revenues from TalkTalk to grow 29 per cent to £446m, compared to £347m for 2009. It gained 36,000 new broadband punters in the quarter, taking the total to 4.15 million.

It expects income from its Best Buy joint venture to be between £40m and £45m - above previous guidance of £30m to £40m.

Best Buy increased connections by 1.4 per cent, despite tough annual comparisons. Operating margins are up slightly thanks to cost cutting and the first "Big Box" store in spring this year.

Virgin Mobile France should increase revenue by 44 per cent to €63m from 1.69 million customers.

The demerger - splitting into telecoms business TalkTalk and retail business Best Buy - should be completed by the end of March. Shareholder information is going out this month. ®

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