Multi-utility supplier Telecom Plus reported a modest increase in full-year profits on Thursday, sending shares up nearly 2 percent.

The group, which trades as Utility Warehouse, grew saw adjusted pre-tax profits from continuing operations rise to £54 million in the year ending 31 March 2018, up from £53.3 million the previous year.

The group’s performance was boosted by record levels of customers switching suppliers, with around 20 percent of domestic customers changing to a new supplier over the last 12 months. Telecom Plus’s customer and service numbers rose over the course of the year to 610,739 and 2,340,719 respectively.

Figures also took into account the recent acquisition of a 75 percent shareholding in fast growing supplier/installer of domestic gas boilers Glow Green, for a total initial cash investment of £2 million.

The company has reported a total dividend per share of 50 pence, a 4.2 percent increase on the previous year. The final dividend of 26p is expected to be paid on 3 August 2018, subject to shareholder approval at the AGM which will be held on 26 July 2018.

Adjusted profits before tax for full year 2019 are expected to be between £55 million and £60 million.

Shares in Telecom Plus (LON:TEP) are currently trading up 1.65 percent at 1,106.00 (0843GMT).