Telecom Plus Plc (TEP.L) provided its interim management statement covering the period from October 1, 2011 to February 12, 2012, incorporating information relating to the performance of the business for its third quarter ended December 31, 2011.
The company stated that full year profits are expected to be marginally ahead of market expectations for the current financial year. Also, the company said it faced recent acceleration in organic growth.
Telecom Plus noted that customer numbers for the first nine months of the year are ahead by 31,180, and service numbers for the same period are ahead by 151,032. These represent annualised growth rates of 11% and 17% respectively.
Further, the company said on February 10, 2012, it entered into an irrevocable agreement to buy the freehold interest in Merit House, Edgware Road, London for a total cash consideration of around 6.6 million pounds. Completion is expected to take place on February 17, 2012 and will be funded from its cash resources and existing banking facilities, Telecom Plus added.
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