Telecom Plus first half profit rises as market share builds

For the six months to the end of September, statutory pre-tax profit advanced to £15.2m from £14.5m on revenue of £294m, up 10% from the same period last year.

The utility services provider lifted its interim dividend by 15.8% to 22p per share.

Telecom Plus now supplies over 2.1m services to around 600,000 members throughout the country, up from 2m in 2014. Customer numbers for the period are up by 13,585 to 595,098.

Chief executive Andrew Lindsay said: “We continue to build market share in each of the services we supply through our unique combination of personal recommendation, the convenience of a genuine multi-utility proposition, consistently high standards of customer service, and a commitment to treating our members fairly.

“As a result, we remain confident that we will achieve our target of supplying a million households over the medium term."

The company added that it remains on track to deliver record revenues, profits and earnings per share for the current financial year.

At 0944 GMT, shares were up 1.4% at 1,105p.