Telecom Plus PLC (LON:TEP), the company behind the Utility Warehouse, is looking forward to the introduction of the energy price cap.
The company said it believed the introduction would improve its competitive position in relation to the longer-established energy providers.
READ Telecom Plus shares fall as its reports ‘modest growth’ across key performance metrics
In its interim results statement, it bragged that revenues and profits for the six months to the end of September were at record levels, albeit both were only modestly higher year-on-year; revenue rose 4% to £311mln from £299mln and adjusted profit before tax edged up 1.2% to £26.0mln from £25.7mln.
Statutory profit before tax, which includes what the company regards as exceptional items, also rose 1.2%, to £19.3mln from £19.1mln the year before.
Customer numbers for the period rose by 10,479 (2017: 5,265) to 621,218.
The interim dividend was hiked 4.2% to 25p from 24p.
"Growth during the first half of the financial year was encouraging at double the level we achieved during the corresponding period last year. We look forward to the introduction of the energy price cap at the end of 2018, which will further improve our competitive position, and the impact we expect this to have on our future growth,” said Andrew Lindsay, the chief executive officer of Telecom Plus.
"Revenues and profits are at record levels, and our balance sheet remains robust. In contrast to the majority of other energy suppliers, this puts us in a strong position now that the dynamics of the energy market have started to change in our favour,” Lindsay declared.
Shares in the company were up 12p at 1,214p early doors.