Member Article

Strong results for utility firm

Telecom plus has announced that earnings will be “firmly ahead” of figures last year, while pre-tax profits are also on the rise.

The energy and telecoms company, which trades as Utility Warehouse, reported positive trends for the first half of the year, and said shareholders can expect an increase in its interim dividend.

Utility Warehouse offers discount packages for mobile phones, oil and gas, broadband and home phone services.

Customer numbers increased by almost 23,000 people in the last quarter for the firm, with annual growth of 11%.

The business said it had focussed on encouraging customers to take multiple services under one package, to reduce “customer churn” and achieve higher revenues per customer.

Telecom plus’s cash flow remains stable year-on-year at approximately £1m, after it paid an interim dividend of £11.9m to its shareholders.

Chief executive, Andrew Lindsay, commented on trading: “I am extremely pleased with the further progress that we have made during the period; we have seen strong organic growth in both customer and service numbers, and a continuation of the extremely positive trends in the quality of our customer base.

“We are confident that we can build upon this strong performance during the second half of the year, and meantime look forward to announcing record half yearly results in November.”

This was posted in Bdaily's Members' News section by Miranda Dobson .