Telecom Plus (LON:TEP) shares fell on Tuesday as energy and telecoms provider reported ‘modest growth’ across key performance metrics in the face of challenging market conditions.
The FTSE 250-listed firm said for the year ended 31 March 2018, revenue increased 7.1% to £792.9mln from £740.2mln, while adjusted pre-tax profits increased by 1.8% to £54.3mln from £53.3mln.
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Charles Wigoder, executive chairman, said: “Revenues rose on the back of an industry wide increase in retail energy tariffs during Spring 2017, a colder winter than the previous year, modest growth in the total number of services we supply, and rising penetration of fibre broadband and mobile.”
Telecom Plus said it has proposed a final dividend of 26p, bringing the total for the year to 50p from 48p a year earlier.
Telecom Plus said it will increase its energy tariffs from 1 July, following the 19% rise in energy commodity prices and a minor rise in non-commodity costs.
But the company said its tariffs “will remain up to 5% cheaper than the average of the equivalent tariffs available from ‘Big 6’”.
In morning trading, Telecom Plus shares fell 3.76% to 1,024.0p