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Telecom Plus affirms expectations for fall in annual profit
StockMarketWire.com
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Utility service provider Telecom Plus reaffirmed that expected its annual profit to fall, even as it lifted annual customer and service numbers.
The company said it expected full-year adjusted pre-tax profits for the year through March to be in line with expectations, at around £56 million, down from £60.8 million.
It said the fall reflected the impact of lower retail energy prices from 1 October, higher regulatory costs and extra operating costs associated with Covid.
Customer numbers rose 0.8% to 657,411, while core service numbers grew 2.5% to 2,073,797.
Telecom Plus reiterated its previous dividend guidance to pay a flat total payout for the year just ended of 57p per share.
'As we emerge from lockdown, and the social distancing restrictions on our partners are eased, we anticipate organic growth returning to pre-pandemic levels over the summer, then accelerating from that point, supported by the additional investment we are making in both our customer and Partner propositions,' it said.
'We will provide guidance on our growth, profit and dividend outlook for the coming year with our final results for the year ended 31 March 2021, which we are planning to announce on 15 June 2021.'
Story provided by StockMarketWire.com
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