Telecom Plus PLC (LON:TEP), the company behind the Utility Warehouse brand, said a significant number of new partners have joined the business recently.
In its results statement covering the six months to the end of September, the company’s chief executive, Andrew Lindsay, bragged, “In contrast to the majority of other energy suppliers, we remain both profitable and cash generative.”
Revenues and profits are both running at record levels, Lindsay said.
Revenue rose 13.6% to £353.2mln from £310.8mln the previous year, as customer numbers grew by 10,267 over the six months to 645,306.
Profit before tax climbed 9.2% to £21.1mln from £19.3mln the year before. Adjusted profit before tax, which excludes things like share incentive schemes and amortisation of intangible assets, was up 5.9% at £27.5mln from the previous year's £26.0mln.
The interim dividend was hiked to 27p from 25p. The company expects the full-year pay-out will be 57p, up from 52p last year.
"Growth during the first half of the financial year saw a continuation of the encouraging performance we achieved during the corresponding period last year, with similar increases in both customer and service numbers. Our competitive position has recently improved following the reduction in the energy price cap from 1 October 2019, which will help drive an acceleration in growth during H2 [second half],” Lindsay said.
"I am particularly pleased at the progress within two of our most recent business initiatives, Glow Green and UWHS; each of these is delivering accelerating growth in the number of boilers and smart meters they are installing respectively,” the Telecom Plus chief executive added.
Shares in Telecom Plus opened 2.8% higher at 1,316p.