Telecom Plus jumps as annual profit rises by 55%

Telecom Plus

27/06/2023 11:06

** Shares of British multi-utility supplier Telecom Plus
 TEP.L  jump as much as 13.1% to 1708p; top pct gainer on FTSE
mid-cap index  .FTMC 
    ** If gains hold, co set to post biggest one-day rise in
almost nine months; among top pct gainers across London
    ** Co posts FY adj pre-tax profit of 96.2 mln pounds ($122.3
mln), up 55% from last year's 61.9 mln pounds
    ** Says 22% increase in customers and 24% increase in number
of services supplied in FY23
    ** Analyst at Peel Hunt Says core profit "slightly ahead" of
95 mln pounds guidance and the noise around drop in energy
prices should now be in the rear-view mirror
    ** Peel Hunt reduces FY24 profit before tax estimate by 4%
to 110 mln pounds
    ** Co also hikes FY dividend to 80p/share from 57p/share a
year ago
    ** As of last close, stock down 31.2% YTD


($1 = 0.7863 pounds)