Telecom Plus has raised its dividend and said it expects pre-tax profit for the full year 2024 to be “towards the upper end of market expectations” after it hit one million customers last year.
The British supplier of broadband and mobile services is anticipating adjusted profit before tax to reach the higher end of the range of £110.1m to £116.3m for the year ending 31 March 2024. The consensus estimate is £113.6m.
Telecom Plus, which also supplies utilities such as gas, electricity and home insurance, is doling out a record full year dividend of 83p to investors, up on the 80p it offered in 2023, when it reported revenue of £2.48bn.
The London-based FTSE 250 company grew its customer base by 14 per cent across its full financial year, surpassing one million customers in the fourth quarter.
It is now scaling the business towards two million customers.
“We have seen our customer growth rate continue into the start of the new financial year,” Telecom Plus told markets on Tuesday.
Telecom Plus co-chief executive Stuart Burnett said: “Our innovative multiservice customer proposition, together with our unique word of mouth route to market, has put us firmly on track to deliver another set of record results.
“We are delighted to have passed the 1 million customer milestone, and that our recent customer growth rate has continued into the start of the new financial year.
“By helping households to stop wasting time and money on their essential bills, whilst supporting tens of thousands of Partners to earn an additional income, we expect to continue delivering record customer numbers, profits and returns to shareholders over the years ahead.”
Telecom Plus’ stock price rose to a peak of £2.49 in late 2022 but since then it has plunged to lows of £1.38. Shares have climbed 5.5 per cent year to date however.