24th Jun 2025 09:33
(Alliance News) - Telecom Plus PLC on Tuesday reported a record dividend and profit, and an increase in customer numbers, and forecast further growth ahead.
The London-based company, which owns Utility Warehouse, supplies gas, electricity, home insurance, and landline, broadband and mobile services to homes and businesses.
"I am pleased to report another strong performance during FY25 with double-digit percentage customer growth, record profits and a record dividend," said Non-Executive Chair Charles Wigoder.
Pretax profit rose by 5.4% to GBP105.9 million in the financial year that ended March 31 from GBP100.5 million the year prior.
Including adjustments for restructuring costs, share incentive scheme charges and amortisation, pretax profit increased by 8.1% to GBP126.3 million from GBP116.9 million, which Telecom Plus said was in line with market expectations.
Earnings per share rose 7.1% year-on-year to 96.3 pence from 89.9p, or by 9.4% on an adjusted basis to 119.2p from 109.0p.
Revenue fell 9.8% to GBP1.84 billion from GBP2.04 billion a year ago, reflecting a drop in the Ofgem price cap and despite an increase in service numbers and higher revenue from non-energy services.
Customer numbers grew by 15% to 1.2 million in the financial year from 1.0 million a year before. This included 25,000 fixed-line and broadband customers acquired from a subsidiary of the TalkTalk Group Ltd. On an organic basis, customer numbers increased by 13%.
"During what seems likely to be a challenging period for the global economy, we are fortunate that our business model makes us largely immune to any changes in trade tariffs, interest rates, economic growth, or business confidence", commented Chief Executive Stuart Burnett.
Looking ahead, Telecom Plus said it anticipates delivering total customer growth in financial 2026 of around 15%, including the balance of the customers to be transferred from TalkTalk, with continuing low-double-digit percentage organic customer growth.
The company expects adjusted pretax profit for financial 2026 of GBP132 million to GBP138 million, which would represent growth of as much as 9.3% year-on-year.
The full-year dividend was increased by 13% to 94p per share for financial 2025 from 83p for financial 2024, including a final payout of 57p per share, up from 47p a year ago.
For financial 2026, Telecom Plus expects dividend growth will be in line with its guided growth in adjusted post-tax profit.
Shares in Telecom Plus were down 1.9% at 2,035.00p each in London on Tuesday morning. Shares are up 18% so far in 2025, however.
By Jeremy Cutler, Alliance News reporter
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