Telecom Plus PLC (LON:TEP)(trading as the Utility Warehouse), the UK’s only fully integrated provider of a wide range of competitively priced utility services spanning both the communications and energy markets, today announced its half-year results for the six months ended 30 September 2018.
Financial highlights:
· Revenue up 4% to £311m (2017: £299m)
· Adjusted profit before tax up 1.2% to £26.0m (2017: £25.7m)
· Statutory profit before tax up 1.2% to £19.3m (2017: £19.1m)
· Interim dividend increased by 4.2% to 25p per share (2017: 24p)
Operating highlights:
· Organic customer and service growth ahead of expectation, with positive momentum
· Customer numbers for the period up by 10,479 (2017: 5,265) to 621,218
· Total services supplied for the period up by 86,372 (2017: 36,348) to 2,427,091
· Recognised as ‘Utility Provider of the Year’ at the Which? annual awards for 2018
Commenting on today’s results, Andrew Lindsay, Telecom Chief Executive, said:
“Growth during the first half of the financial year was encouraging at double the level we achieved during the corresponding period last year. We look forward to the introduction of the energy price cap at the end of 2018 which will further improve our competitive position, and the impact we expect this to have on our future growth.
“Revenues and profits are at record levels, and our balance sheet remains robust. In contrast to the majority of other energy suppliers, this puts us in a strong position now that the dynamics of the energy market have started to change in our favour.
“Our unique route to market and integrated multi-utility proposition give us valuable USPs which our competitors show little sign of emulating. We are on track to deliver growth in customer and service numbers that is materially up year on year, and expect adjusted profit before tax for the year to remain in the range previously provided of £55m-£60m. It has been a number of years since the overall outlook has appeared as positive.”
