Telecom Plus sees FY profit at upper end of expectations

Telecom Plus said on Tuesday that full-year adjusted pre-tax profit was set to be towards the upper end of market expectations after a record year.

In an update for the year to the end of March, the company - which trades as Utility Warehouse - said adjusted pre-tax profit will be at the top end of the range of £110.1m to £116.3m.

The group, which passed the 1 million customer milestone in the fourth quarter, declared a total dividend of 83p a share for the year, up from 80p a year earlier.

Customer numbers grew by just over 14% during the year to 1,011,489, with the number of services provided increasing by around 12% to just over 3.12 million.

Co-chief executive Stuart Burnett said: "Our innovative multiservice customer proposition, together with our unique word of mouth route to market, has put us firmly on track to deliver another set of record results. We are delighted to have passed the 1 million customer milestone, and that our recent customer growth rate has continued into the start of the new financial year.

"By helping households to stop wasting time and money on their essential bills, whilst supporting tens of thousands of Partners to earn an additional income, we expect to continue delivering record customer numbers, profits and returns to shareholders over the years ahead."