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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/02/earnings-drop-at-merged-phone-giant.jpg"><img class="alignnone size-full" title="The company behind merged mobile phone giants Orange and T-Mobile has posted a drop in sales and earnings in its first annual results" src="http://londonglossy.com/wp-content/uploads/2011/02/min-earnings-drop-at-merged-phone-giant.jpg" alt="The company behind merged mobile phone giants Orange and T-Mobile has posted a drop in sales and earnings in its first annual results"/></a></p>
<p>The company behind merged mobile phone giants Orange and T-Mobile has posted a drop in sales and earnings in its first annual results.</p>
<p>Everything Everywhere, which was formed last year, said underlying earnings were hit by regulation costs and investment in customer contract growth.</p>
<p>Having announced in September that it was cutting 7.5% of its 16,000 strong workforce, the firm said turnover in the nine months to December 31 was £5.3 billion, down from £5.4 billion in the same period a year earlier. Underlying earnings were £1 billion, down from £1.1 billion.</p>
<p>But Everything Everywhere said it was on track to achieve the goals it set out when the merger was formed, including hitting its synergies target of £3.5 billion.</p>
<p>Everything Everywhere, owned jointly by Deutsche Telekom and France Telecom, has more than 27 million customers in the UK and more than 720 retail stores.</p>
<p>The Hatfield, Hertfordshire-based firm offers customers a joint-roaming deal that allows users the benefits of both the Orange and T-Mobile networks.</p>
<p>The company said it added 300,000 to its contracted customer base in the three months to December 31 and 752,000 over the nine-month period, up 33% on a year earlier.</p>
<p>Chief executive Tom Alexander said: &#8220;2010 has been a year of achievement for Everything Everywhere.</p>
<p>&#8220;We continued the rapid integration of the new company, completing a company-wide restructuring and maintained good commercial momentum throughout, with improved retention and growth on our contract customer base.&#8221;</p>
<p>The company revealed plans to axe around 1,200 jobs in September and said it was committed to its long term strategy.</p>
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