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The “radical” restructuring is the latest step to avoid company collapse
UK ISP TalkTalk is set to cut hundreds of jobs, as announced in an investor’s meeting last week, The Telegraph has reported.
According to the report, the firm has already begun redundancy consultations, as it plans to cut 130 jobs in its consumer division based in Salford. More are set to follow at its wholesale business, Platform X.
Earlier this month, the company’s latest accounts revealed that it had reached £72 million in losses in the six months to August 2024, up from £47 million in the same period last year. Revenue also fell 6% to £700 million, in reflection of its dwindling customer base.
Furthermore, back in October, TalkTalk’s auditor Deloitte resigned from its position after 22 years, citing “weaknesses and deficiencies” in TalkTalk’s internal controls over financial reporting, which had not been addressed despite previous warnings. Deloitte said that the reporting was “not at the level we would expect for groups the scale and complexity of TalkTalk.”
“This is the first stage in a multi-year transformation of our business to deliver differentiated service and product to our customers. We are simplifying our business to ensure that we can continue to offer great value connectivity to our millions of customers across the UK. As part of this, we have made the difficult decision to launch a consultation about the future of some roles at TalkTalk’s consumer business,” said a TalkTalk spokesperson.
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