Edition:
United Kingdom

Telecom Plus Says FY Pretax Profit Rose 4.9% To 43 Mln Stg


Tuesday, 18 Jun 2019 

June 18 (Reuters) - Telecom Plus Plc ::FY PRETAX PROFIT ROSE 4.9 PERCENT TO 43 MILLION STG.FY REVENUE ROSE 1.5 PERCENT TO 804.4 MILLION STG.FY RESULTS IN LINE WITH EXPECTATIONS.FULL YEAR DIVIDEND UP 4.0% TO 52P PER SHARE.FY ADJUSTED PROFIT BEFORE TAX UP 3.7% TO 56.3 MLN STG.FULL YEAR DIVIDEND UP 4.0% TO 52P PER SHARE.EXPECT ADJUSTED PROFITS BEFORE TAX TO INCREASE TO BETWEEN 60 MLN STG - 65 MLN STG FOR FY2020.HIGHER WHOLESALE COSTS DURING AUTUMN AND EARLY WINTER RESULTED IN AN INCREASE OF AROUND £115 TO PRICE CAP ON 1 APRIL 2019.LOWER RECENT COMMODITY COSTS MEAN THAT OFGEM PRICE CAP IS EXPECTED TO FALL AGAIN AT NEXT REVIEW POINT ON 1 OCTOBER 2019.FORECAST REDUCTION OF ABOUT 75 STG IN OFGEM PRICE CAP TO TAKE SVTS BACK TO BELOW LEVEL THEY WERE AT PRIOR TO INTRODUCTION OF PRICE CAP.BELIEVE THAT OFGEM PRICE CAP HAS CREATED A "FAIRER" ENERGY MARKET THAN BEFORE.REMAIN SHELTERED FROM FULL IMPACT OF PRICE CAP UNDER WHOLESALE SUPPLY ARRANGEMENTS WITH NPOWER.PERFORMANCE SINCE YEAR-END IS IN LINE WITH MANAGEMENT EXPECTATIONS.WELL POSITIONED FOR FURTHER GROWTH OVER COMING YEAR.EXPECT A 10% INCREASE IN TOTAL DIVIDEND TO 57P PER SHARE FOR FY2020.