Telecom Plus puts foot on the gas

25th May 2011 12:13

Utility services group Telecom Plus has announced a jump in profits due to increasing energy prices and record demand for gas during the cold winter.Revenues were also boosted by customers taking more services with the firm and fewer leaving for other providers, the firm said.The group, which offers gas, electricity, telephony and broadband services, saw profits before tax for the year ended 31 March 2011 jump 51% to £27.5m.Earnings per share were up 53% to 30.1p but the firm said it would not put up its dividend.It announced a final dividend of 14p per share making a total for the year of 22p per share. Both figures mirror pay outs from the previous year, something the firm said reflected a need to fund the working capital requirements of the business as it grew, and to start rebuilding reserves depleted by an uncovered dividend last year.Telecom Plus said it had seen a 12% growth in the total number of services it provided over the year, reaching 1,171,136 by the year end.The average number of services taken by each customers increased to from 3.28 to 3.43 over the year, the firm said.---mm