Telecom Plus Full-year Profit Rises On Increased Revenue

Multi-utility supplier Telecom Plus PLC (TEP.L) on Tuesday said its profit before tax increased 8.5% for the full year to 47.21 million pounds from 43.51 million pounds last year helped by increase in the number of customers and per capita revenue.

Excluding special items, pre-tax profit rose to 61.9 million pounds from 56.1 million pounds a year ago.

Profit for the period was 35 million pounds or 45p per share compared with 32.56 million pounds or 41.4p per share in the year earlier period.

Adjusted earnings per share rose by 10.1% to 63.2p from 57.4p last year.

Revenue for the year increased 12.3% year-over year to 967.4 million pounds form 861.2 million pounds on growth in number of customers by 10.8% to 728,680.

The company said its average revenue per customer from providing Core and Other services increased to 1,340 pounds from 1,254 pounds, primarily due to higher energy prices during the winter following the Government price cap increase in October.

Additionally, Telecom Plus has proposed a final dividend of 30p per share to be paid on 5 August to shareholders on the register at the close of business on 15 July.

Looking forward, the company sees profit before tax of about 75 million pounds for Fiscal 23, above its guidance. Telecom Plus expects that this will help it to increase dividend to not less than 65p for the full year.

Further, the company said its new customer volumes are growing strong, in line with guidance of 20% net growth for Fiscal 23.

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