Telecom Plus has issued a very positive update for Q1 to 30 June. This said turnover, profits, customer numbers, new services and new distributor recruitment have all exceeded expectations, leaving the company "extremely comfortable" with broker forecasts.
Customer numbers increased by 17,160 to 379,017 during Q1 and the number of services provided rose by over 56,000 to 1,018,320, the highest number being added in any of the past six quarters. Cash at the end of June stood at £52.9m and Telecom Plus expects to lift its dividend payment this year to "not less than 21.5p" versus 14p last year.
Telecom Plus said it continues to expect further strong growth driven by a growing number of distributors and the inclement economic conditions that make customers more receptive to switch suppliers. But of course there is a bigger reason not mentioned - that of higher domestic energy prices, which are possibly expected to rise by a third later this year and which leads to windfall margins.
We tipped the shares in March at 636p; still a buy.
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