Telecom Plus reported an annual profit jump in its full-year results this morning following an influx of new customers.
The company, which trades as Utility Warehouse and provides mobile, gas, electricity, landline and broadband services, said customer numbers for the year grew by four per cent to 635,039, compared to a 0.5 per cent rise in 2018.
Read more: Customer growth continues for Telecom Plus
Revenue was up 1.5 per cent to £804.4m in the year ended 31 March, in line with the board’s expectations.
Adjusted profit before tax was up 3.7 per cent to £56.3m and statutory profit before tax increased 4.9 per cent to £43m.
Adjusted earnings per share were up 7.1 per cent to 59p, while statutory earnings per share increased by 9.5 per cent to 42.5p
The company announced a full-year dividend of 52p per share, an increase of four per cent.
Telecom Plus said it had been sheltered from the full impact of the recently introduced energy price cap due to its wholesale supply arrangements with Npower.
What Telecom Plus said
Andrew Lindsay, Telecom Plus chief executive, said: “Partner confidence built steadily during the course of the year; this manifested itself in higher levels of activity and an acceleration in the numbers of new partners joining the business, which in turn drove faster growth in both customer and service numbers.
Read more: Telecom Plus profits soar
“Our balance sheet remains robust, with low leverage and strong cash flow.
“In contrast to the majority of other energy suppliers, this puts us in a strong position to take advantage of a challenging retail marketplace.”