Carphone looks to demerge next summer

Carphone Warehouse said it would spin off its TalkTalk broadband business by July 2010 at the latest yesterday as it reported results after a "significant year of achievement".

The mobile phone retailer said it expects to see signs of a consumer recovery by the end of the year, and raised its full-year dividend by 2 per cent to 4.35p. However, the company booked £205m in exceptional charges and writedowns on acquisitions, pushing it to a £72m loss for the year ending 31 March.