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TalkTalk shares slump after profit warning

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Shares in TalkTalk have tumbled more than 10% after the firm warned that profits would be significantly lower this year than previously thought.

TalkTalk also announced plans to raise £200m by selling shares on the stock exchange and slashed its dividend.

The firm is raising money to invest in a network of fibre cables that would allow much higher broadband speeds.

However, this year it expects a key measure of profits to be between £230m and £245m.

That is much lower than its forecast made in November, when it expected the same profit measure to be between £270m and £300m.

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