StockMarketWire.com - Telecom Plus reported a fall in first-half profit as higher revenue was offset by rise in costs.

For the six months ended 30 September 2021, pre-tax profit fell to £19.9 million from £21.5 million year-on-year, while revenue was up 6% to £371.3 million.

Administrative expenses increased to £46.8 million from £42.5 million.

Customer numbers were up by 3,289 to 660,700.

The interim dividend was maintained at 27p per share.

Looking ahead, the company said expected around 10% growth in customer base during H2 with double-digit annual percentage growth thereafter.

'In response to the sharp rise in wholesale energy costs during September, virtually all suppliers rapidly withdrew their discounted acquisition tariffs, leaving our standard energy tariffs amongst the cheapest in the market,' the company said.

'As a result, we have seen a very strong start to H2, with a net increase of over 15,000 customers during October alone.'

'Whilst we do not believe this run-rate will continue, we expect to see an increase of around 10% in our customer numbers for the second half.'


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