17th Nov 2020 10:18
(Alliance News) - Telecom Plus PLC on Tuesday said it expects to maintain its full-year dividend after posting solid results for the first half of its financial year.
Telecom Plus is a London-based supplier of gas, electricity, landline, broadband and mobile services to residences and businesses.
Pretax profit for the six months ended September 30 widened 1.9% to GBP21.5 million from GBP21.1 million a year prior.
Revenue was down 1.1% to GBP349.4 million from GBP353.2 million a year before.
"The small reduction in revenue primarily reflects lower prevailing energy prices and milder weather during the period. This was partially offset by higher service numbers, increased usage by some households during lockdown, and a steadily increasing proportion of customers taking fibre broadband," Telecom Plus said.
Telecom Plus maintained its 27 pence per share interim dividend.
Going forward, Chief Executive Andrew Lindsay said: "Over the last seven weeks we have seen a significant increase in the number of new partners joining the business; this is an encouraging lead-indicator for the rate of future customer growth over the coming months. We anticipate low single-digit percentage growth in customer and service numbers for the year to March, and look forward to delivering full-year adjusted profits in line with our previous guidance."
Telecom Plus said it is confident in its previous guidance that full-year adjusted profit before tax will be marginally below the level it reported last year, which sat at GBP60.8 million. The company's full year is due to end March 31, 2021.
The company also maintained its dividend guidance of 57 pence per share for the full year, the same as the prior financial year.
Telecom Plus shares were up 1.8% at 1,390.00 pence each in London on Tuesday morning.
By Greg Roxburgh; [email protected]
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