Carphone Warehouse shares hit their lowest level in more than two years after the telecoms and retail group sounded a cautious note on mobile phone sales and broadband subscriptions because of the weakening economy.

UK Daily View: Carphone Warehouse’s gloomy outlook

Philip Stafford on the telecoms company’s results

Unveiling a sharp rise in profits for the year to March, Charles Dunstone, chief executive, said he still hoped mobile phone sales would grow 8-10 per cent in the coming year. Mobile sales rose 12 per cent in April, May and June.