Telecom Plus shares jumped on Tuesday after the multi-utility company released record profits for the year ended 31st March 2023.
Telecom Plus revenue surged to £2,475.m from £967.4m in the year prior as customers flocked to their fixed-price energy tariffs obtainable through a package of energy, broadband and mobile services. Telecom Plus said they were the cheapest option for fixed-price energy tariffs over the period.
Revenue burgeoned as Telecom Plus customer numbers grew 22% to 886,579, and energy prices charged to customers grew.
Implementing loyalty schemes such as their cash back card helped customer retention and provided customers with additional savings.
Andrew Lindsay & Stuart Burnett, Co-CEOs, commented:
“This has been an outstanding year for the company: the fundamental strengths of our business model have reasserted themselves and delivered a strong outcome for all our stakeholders – particularly for our customers who benefitted from the lowest energy prices in the country throughout the year, saving over £30m on their bills.”
The strong top line drove sharp gains in Adjusted pre-tax profit, which rose 55% to £96.2 million.
Telecom Plus will return its surging profits to customers through an 80p full-year dividend, a welcome increase on the 57p paid last year.
Telecom Plus shares were over 10% when writing on Tuesday.