Telecom Plus backs outlook after "encouraging" start to financial year
Telecom Plus PLC reiterated full-year guidance on Monday as it said that customer growth since the start of its financial year is running slightly ahead of target.
The London-based provider of bundled household utility services is holding its annual general meeting on Monday.
In a statement ahead of the AGM, Telecom Plus said it still expects adjusted pretax profit between £80 million and £90 million for the financial year ending March 31, 2027, at best a decline of 32% from £132.2 million in financial 2026.
In the four months to July, annualised multiservice customer growth is running slightly ahead of its full-year target of 10%, and more than 2.5 times the multiservice customer growth rate of 3.9% achieved in financial 2026, which ended in March, Telecom Plus said.
Shares traded 3.4% higher at 884.00 pence each in London on Monday.
Telecom Plus said momentum in its Partner network is "continuing to build", it has begun to "ramp up" in-life cross-selling activity and insurance re-platforming onto the OpenGI software platform is "progressing well".
Under its new five-year plan, announced in June, Telecom Plus said phasing investment will increase the weighting of profitability towards the second half of the financial year.
Full year net debt to adjusted earnings before interest, tax, depreciation and amortisation is expected to peak at around 1.5 times during financial 2027 before reducing to around one times over the course of the five-year plan.
In June, Telecom Plus said the plan necessitates around £55 million per year of investments. In financial 2031, it expects the plan to deliver adjusted pretax profit of around £175 million.
"We have made an encouraging start to FY27, with early momentum from our new five-year plan clearly visible across the business," said Chair Charles Wigoder.
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