Telecom Plus PLC (TEP.L), a provider of multi-utility services, Tuesday reported profit before tax of 100.48 million pounds for the full year, higher than 85.45 million pounds in the previous year, mainly helped by decrease in cost of sales. Revenue however decreased from last year.
Cost of sales dropped to 1.684 billion pounds from 2.169 billion pounds last year.
The company also said that Stuart Burnett will assume the role of sole CEO of the business from the company's next AGM in August. As announced earlier, Andrew Lindsay is stepping down as Co-CEO.
Excluding special items, adjusted profit before tax increased 21.5 percent to 116.9 million pounds from 96.2 million pounds a year ago.
Net profit rose to 71.04 million pounds or 88.8p per share from 68.43 million pounds or 85.2p per share prior year.
Adjusted profit was 86.17 million pounds or 107.7p per share, up from 78.41 million pounds or 97.7p per share a year ago.
Revenue for the year declined 17.6 percent to 2.039 billion pounds from 2.475 billion pounds last year, impacted by significantly lower energy prices in the second half of the year.
Customers grew 14.1 percent on an organic basis to 1.01 million.
The company has proposed a final dividend of 47p per share, to be paid on August 25 to shareholders on the register on August 2.
Looking ahead, Telecom Plus expects adjusted pre-tax profit to be in the range of 124 million pounds-128 million pounds for fiscal 2025.
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