Telecom Plus PLC AGM Statement (6931V)
August 11 2015 - 5:00AM
UK Regulatory
TIDMTEP
RNS Number : 6931V
Telecom Plus PLC
11 August 2015
11 August 2015
Telecom Plus PLC (or "the Company")
AGM Statement
Telecom Plus PLC (trading as the Utility Warehouse), which
supplies a wide range of utility services (gas, electricity, fixed
line telephony, mobile telephony and broadband internet) to both
residential and business customers, is today holding its Annual
General Meeting. The Company confirms that it has continued to
trade in line with management expectations since we announced our
results on 22 June, with further steady mid-single digit growth in
the size of our customer base.
With only one of the 'Big 6' suppliers having so far announced a
reduction to their standard variable pricing, we anticipate that
trading conditions will remain challenging until the other major
suppliers follow suit; this is expected to happen shortly. Against
this background, our consistent growth and the improvements we are
seeing in the quality of our customer base are a continuing strong
endorsement of the strength of our distribution channel and unique
customer proposition.
We welcome the draft findings announced recently by the CMA, in
particular their proposal that standard variable tariffs should be
subject to a price-cap in order to protect non-engaged customers,
who are in many cases being over-charged by their supplier so that
they can use the excess profits to offer attractive short-term
deals to those who switch. While price controls are in principle
unattractive, it is difficult to see an alternative way of properly
protecting some of the most vulnerable sections of society, and
ensuring they benefit from the steady reduction in wholesale
commodity costs that have taken place over the last 18 months.
We remain on track to meet market expectations for adjusted
pre-tax profits of between GBP54m and GBP58m for the current
financial year, and to deliver a 15% increase in the dividend to
46p per share.
For more information please contact:
Telecom Plus PLC
Andrew Lindsay, CEO 020 8955 5000
Nick Schoenfeld, CFO
Peel Hunt
Dan Webster/Jock Maxwell Macdonald 020 7418 8900
MHP Communications
Reg Hoare / Katie Hunt / Giles Robinson 020 3128 8100
About Telecom Plus PLC ('Telecom Plus'): www.utilitywarehouse.co.uk
Telecom Plus, which owns and operates the Utility Warehouse
brand, is the UK's only fully integrated provider of a wide range
of competitively priced utility services spanning both the
Communications and Energy markets.
Customers benefit from the convenience of a single monthly
statement, consistently good value across all their utilities and
exceptional levels of customer service. Telecom Plus does not
advertise, relying instead on 'word of mouth' recommendation by
existing satisfied customers and distributors in order to grow its
market share.
Telecom Plus also has a 20% shareholding in Opus Energy Group
Ltd, a successful, profitable and fast growing independent supplier
of Gas and Electricity to small, medium and large business
customers.
Telecom Plus is listed on the London Stock Exchange (Ticker: TEP
LN). For further information please visit:
www.telecomplus.co.uk.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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