Telecom Plus booms in downturn

Cost-cutting consumers have boosted customer numbers by 9 per cent in Telecom Plus' residential business since March. The growth was even greater in its corporate unit, up 30 per cent, and at current growth rates, customer numbers across the business will double over the next two years.

An improved service offering from the multi-utility provider, coupled with the rise in unemployment, has lifted the number of distributors by 18 per cent this year. This, plus higher energy prices, has pushed up sales. The group has also been helped by locking in favourable wholesale energy prices to insulate against energy price volatility, although operating margins of 10 per cent, up one percentage point in the first half, are not expected to be maintained.

KBC Peel Hunt forecasts full-year pre-tax profits of £23.2m and EPS of 24.9p (17.5p in 2008).

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