Telecom Plus PLC - London-based provider of bundled household utility services - including energy, broadband and mobile telecommunications, and insurance under the Utility Warehouse brand - Chair Charles Wigoder at the annual general meeting says the company is ‘firmly’ on track to double the size of the business to two million customers over the medium term amid continued profit growth and shareholder returns.

Back in June, Telecom Plus celebrated over one million customers, as it reported that pretax profit jumped 18% to £100.5 million in the financial year ended March 31 from £85.5 million a year prior. Revenue dropped by 18% to £2.04 billion from £2.48 billion, amid ‘normalised’ energy prices, but gross profit rose 16% to £355.2 million from £306.2 million as cost of sales fell by 22% to £1.68 billion from £2.17 billion.

Current stock price: 1,770.42 pence each, up 0.8% on Tuesday morning in London

12-month change: up 9.1%

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