Carphone Warehouse profits down 10%

Carphone Warehouse has reported a near-10% fall in annual profits after the Talk Talk owner counted the cost of its troubled launch of free broadband.

Pre-tax profits for the year to March 31 slipped to £123.1m (€181.4m) because of £80.5m (€118.69m) of losses linked to Talk Talk and the start of its Virgin Mobile joint venture in France.