Telecom Plus profit rises 4.9% after customer additions
StockMarketWire.com - Utility services provider Telecom Plus reported a 4.9% rise in annual profit after new customer additions helped it post a modest rise in sales.
Pre-tax profit for the year through March rose to £43.0m, as revenue rose 1.5% to £804.4m.
The company declared a full-year dividend of 52p per share, up 4.0% on-year.
'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,' chief executive Andrew Lindsay said.
'The combination of higher partner confidence, our continuing steady growth, and improving gross margins means we expect adjusted profits before tax to increase to between £60m - £65m for the 2020 financial year, with a commensurate 10% increase in the total dividend to 57p per share.'
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