TELECOM Plus, the FTSE 250 utility supplier that trades under the Utility Warehouse brand, saw its stock price soar yesterday as it reported strong growth in its half year ending 30 September, accelerated by customer numbers increasing 17 per cent in its second quarter.
Telecom Plus’ second quarter was boosted by 55 per cent of its new customers choosing at least four of the company’s services, total service numbers were up 24 per cent.
The company’s share price was boosted more than ten per cent yesterday after the upbeat update.
Chief executive Andrew Lindsay said: “I am extremely pleased to report a marked acceleration in our growth rate over the last few months. Not only have we seen record numbers of new customers and distributors joining the business during the period, but this has been accompanied by a further improvement in the quality of our customer base.”
The group anticipates that its half year results – due on 26 November – will show profits and earnings per share ahead of last year’s figures.
“We believe the implementation of Ofgem’s Retail Market Review over the coming months will create an exciting opportunity for us to build on the strong momentum we have created,” said Lindsay.