LONDON (Alliance News) - Telecom Plus PLC said Tuesday it achieved "modest growth" across all its key performance metrics as its annual revenue rose 7.1%.
For the financial year to March 31, the FTSE-250 listed utilities provider posted revenue of GBP792.9 million, up from GBP740.3 million in the previous year.
"Revenue rose on the back of an industry-wide increase in retail energy tariffs during Spring 2017, a colder winter than the previous year, modest growth in the total number of services we supply, and rising penetration of fibre broadband and mobile," Chairman Charles Wigoder said.
Wigoder added that a reduction in average energy usage due to the implementations of LED light bulbs, acted to hold back revenue growth.
Electricity was the division generating the highest revenue at GBP337.5 million, followed by Gas at GBP280.3 million and Landline & Broadband at GBP114.0 million.
Mobile generated revenue of GBP13.5 million.
Pretax profit edged up 0.3% to GBP41 million from GBP40.9 the prior year.
Telecom Plus said both its customer and service numbers increased during the year to 610,739 and 2.3 million respectively.
It said that 120,329 residential members are now taking all five core services which include, landline, broadband, mobile, gas and electricity.
The company lifted its full-year dividend 4.2% to 50 pence per share from 48p last year, after proposing a final dividend of 26p.
Telecom Plus will increase its energy tariffs from July, following a market trend caused by a 19% rise in energy commodity prices and a minor rise in non-commodity costs.
However, the company said that after the increase, its tariffs will "remain up to 5% cheaper than the average of the equivalent tariffs available from the 'Big 6'".
Telecom Plus said it "remains comfortable" with an adjusted pretax profit guidance ranging between GBP55 million and GBP60 million for the current financial year.
Telecom Plus also expects to increase its full-year dividend to 52p.
Telecom Plus shares were trading down 3.2% early Tuesday morning at 1,030.00p each.
Telecom Plus (TEP)