Telecom Plus sees profits surge

Utility services group Telecom Plus said yesterday its full-year profit rose 51 per cent on higher demand for gas during the winter and an increase in energy prices. The company, which supplies gas, electricity, telephony and broadband under the Utility Warehouse name, forecast higher financial results for the current year, in line with market expectations. Pre-tax profit for the year rose to £27.5m from £18.2m last year. Gross margin rose to 15.9 per cent from 15.1 per cent, helped by strong margins from fixed telephony and broadband services. Revenue rose 13 per cent to £418.8m.