Telecom Plus PLC (LON:TEP), which supplies a wide range of utility services to both residential and business customers, has today announced its final results for the year ended 31 March 2018.
· Results and dividend in line with expectations
· Revenue up 7.1% to £792.9m
· Adjusted profit before tax (continuing operations) up 1.8% to £54.3m
· Statutory profit before tax (continuing operations) up 0.3% to £41.0m
· Adjusted EPS (continuing operations) up 3.4% to 55.1p
· Statutory EPS (continuing operations) up 2.1% to 38.8p
· Full year dividend up 4.2% to 50p per share
· Further organic growth in both services and Members
· Winner ‘Utilities Provider of the Year’ at Which? awards 2018
· Membership quality continues to improve
· Home Insurance gaining traction
· Enhanced CashBack card launched
Andrew Lindsay, CEO, Telecom Plus PLC commented:
“I am pleased to report a further year of growth in all areas of the business, despite continued challenging conditions in the energy retail marketplace. Over 20% of our Members now take all five of our core services, and we have continued to expand our proposition during the year with the addition of Home Insurance.
“Winning the Which? ‘Best Utilities Provider’ 2018 Award is a reflection of the strong focus on the service levels that we provide to our customers by all of our teams. We have seen an overwhelmingly positive response from our Partners to this endorsement, and are optimistic that this will be a positive catalyst for them to recommend Utility Warehouse to their friends and families with renewed confidence and enthusiasm.
“The Standard Variable Tariff Price Cap legislation is on track to complete the parliamentary approval process before the summer recess; we fully support the introduction of this price cap, and Ofgem’s proposed timeline for its implementation in December 2018.
“We believe the fundamental strengths of our business model – an efficient multi-utility consumer proposition and our unique route to market – remain intact, and anticipate that over the coming months the competitive advantage they provide will be reflected in renewed Partner confidence and accelerating growth.”