Telecom Plus Stock Down On Weak FY Profit, Maintains Dividend; Sees Higher Adj. Profit In New Year

Shares of Telecom Plus plc (TEP.L) were losing around 2 percent in the early morning trading in London after the utility services supplier reported Friday that its fiscal 2021 profit before tax declined 9.6 percent to 43.5 million pounds from 48.1 million pounds last year.

The company, trading as Utility Warehouse, reported earnings per share of 41.5 pence, down from 45.9 pence last year.

Adjusted profit before tax was 56.1 million pounds, compared to 60.8 million pounds a year ago. Adjusted earnings per share were 57.4 pence, compared to 61.8 pence a year ago.

Revenue declined to 861.2 million pounds from 875.8 million pounds last year.

Customer numbers increased 0.8 percent to 657,411 with service numbers growing by 2.5 percent to 2,073,797.

Further, the company is proposing a flat final dividend of 30 pence, bringing the total for the year to 57 pence, same as last year.

Looking ahead, the company anticipates adjusted current year profit before tax increasing to around 60 million pounds, with a maintained dividend of 57 pence per share.

In London, Telecom plus shares were trading at 1,197.64 pence, up 1.67 percent.

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