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Business is in good shape

Telecom plus Plc (the Utility Warehouse) recently received further positive coverage in the national press following last weeks AGM statement in relation to this year’s trading.

“At their AGM held today at 11.00am Telecom plus PLC (“the Company”), the UK’s leading integrated multi-utility (gas, electricity, telephony, internet), informed shareholders that so far this financial year the Company has traded satisfactorily and profits have exceeded budget.

Local Loop Unbundling (“LLU”), the process by which third parties install their own equipment in BT local exchanges, has continued to gather pace over recent months. The Company has now reached agreement for the purchase of LLU capacity on wholesale commercial terms, which the Directors believe will enable it to achieve a satisfactory margin on its new range of broadband and telephony packages due to be introduced later this year.”

Andrew Hore writing in The Business (16 July) said:

“Telecom plus ran into trouble last year with its energy business, but the problems ended in April……the remaining operations are making profits and trading is exceeding expectations. Telecom plus gets new customers from referral marketing…it is also good at keeping them. Telecom plus also received high ratings for its customer service in the UK’s leading consumer magazine.

Analysts forecast profits of £8.5m in the year to March 2007…when profits start to recover the dividend should rise. The shares are a speculative BUY.”

The Sunday Telegraph (16 July) says that Telecom plus, the utilities reseller,
“could be worth another look”:

“In February, Telecom plus outsourced its energy buying to nPower, and now just does the marketing……the Company has a unique low-cost referral system for attracting new customers and has a low churn rate.

Chris Mills, the activist investor, has acquired nearly 4% of the Company through his Atlantic Value Fund. Mills is generally worth watching, so it could be a good time to dial back into Telecom plus.”

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