- Utility services provider Telecom Plus posted a 12% rise in annual profit and hiked its dividend, while claiming the Covid-19 crisis was having a limited impact on its business.

Pre-tax profit for the year through March increased to £48.1m, up from £43.0m on-year, as revenue rose 8.9% to £875.8m.

Telecom Plus declared a full-year dividend of 57p per share, up 9.6% on-year.

'Our results this morning show record sales, earnings and dividends, clearly demonstrating the resilience and strength of our business model,' chief executive Andrew Lindsay said.

'I am extremely pleased at how well our partners and employees have adapted to the Covid-19 environment, and the limited impact which this is having on our business.'

'We have historically demonstrated strong counter-cyclical qualities, with the opportunity for our partners to earn money, and for our members to save money, becoming increasingly relevant during challenging economic periods.'

'The strength of our balance sheet is in contrast to most of our competitors in the energy markets.'

'This, combined with a highly motivated and growing partner network, and a significant fall in the Ofgem price cap expected this autumn, means that we look forward to the year ahead with considerable confidence.'

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