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Telecom Plus 6-month Revenue Declines 1%; Sees FY Adj. Profit In Line With Prior View

Telecom Plus plc (TEP.L), on Tuesday, reported a 1% decline in 6-month revenue, largely due to lower energy prices. Further, the company said it expects to deliver full-year adjusted profits in line with its previous guidance.

Revenue for the six-month period ended September 30, 2020 was £349.4 million, down 1.1% from the previous year's £353.2 million.

Statutory profit before tax improved 1.8% to £21.5 million from £21.1 million reported a year ago. On a per share basis, statutory basic earnings increased 7.2% to 20.8p from 19.4p last year.

Adjusted profit before tax edged up 0.5% to £27.7 million from £27.5 million reported in the prior year period. Adjusted basic earnings rose 4% to 28.6p per share from 27.5p per share last year.

Andrew Lindsay, Chief Executive, said, "We delivered a resilient performance during the first half of the financial year, successfully adapting to the challenges created by covid. Our competitive position improved following the reduction in the energy price cap from 1 October 2020, which has contributed to a recent marked uptick in Partner activity and a return to customer growth."

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