Updates

Carphone Warehouse - Cautious outlook

May 2005

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Carphone's Q4 trading update noted that pretax profit and earnings would be at the upper end of the range of forecasts. In its distribution (retail) side, overall connections grew by 16.6% to 1.68m, including subscription connections growth of 9.9% to 0.73m and pre-pay growth of 22% to 0.95m. On the Telecoms Services side, traffic over the Opal network excluding TalkTalk grew by nearly 26% to 1.58 billion minutes, while the TalkTalk customer base rose by 158,000 to 920,000. Meanwhile, Carphone's mobile customer base grew by 14.6% to 2.26m. These figures appear to paint a rosy picture but we were alarmed at its comments about the outlook, in which it expects a broadly flat like-for-like gross profit outcome in the ...

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