Updates

Telecom Plus - Npower ratchet set to transform margins

June 2013

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Results for H1 held few surprises. Overall, sales were up by a third to £602m, pretax profit 15% to £34.6m and eps by 10% to 13.5p - all organic. The final dividend is, as expected, increased to 18p, making for 31p for the year. The performance was driven by a combination of Telecom Plus continuing to expand its customer base (46,000 added to take the total to 461,000); lower bad debts and a reduced churn arising from the previous strategy to target homeowners rather than tenanted properties. Quality of earnings continues to rise as most new members take 4+ services (57% in Q4'13 versus 48% in Q4'12) and as they are less inclined to go elsewhere this has reduced customer churn (record low of 1.2% in Q4'13 versus ...

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ITE - Targeting event aquisitions in Malaysia

Innovation

Telecom Plus - Guiding at 30-40,000 new customers this year (July 2015)

Telecom Plus (May 2015)

Telecom Plus (December 2014)

Telecom Plus (June 2014)

Telecom Plus - Record rise in customer numbers (March 2014)

Telecom Plus - Gains £3.50 on the month (December 2013)

Telecom Plus - Customer growth accelerates (November 2013)

Telecom Plus (December 2012)

Telecom Plus - Significant increase in dividend (November 2012)

Telecom Plus - A solid rock in the portfolio (June 2012)

Telecom Plus - Trading "marginally ahead" (March 2012)

Telecom Plus - Mercuriel rise continues (December 2011)

Telecom Plus - Contender for FTSE-250 inclusion (June 2011)

Telecom Plus - Strong organic growth continues (March 2011)

Telecom Plus - To launch Sky-broadband-plus utility service (December 2010)

Telecom Plus - Growth in higher quality lower churn customers should lift margins (November 2010)

Telecom Plus - Watch the cash pile grow this year (September 2010)

Telecom Plus (June 2009)

Telecom Plus - New customers 28% over broker forecast (March 2009)

Telecom Plus - Shares close to 52 week high (December 2008)

Telecom Plus - Beating expectations (October 2008)

Telecom Plus (August 2008)

Telecom Plus (June 2008)

Telecom Plus - Q4 well ahead of Q3 (April 2008)

Telecom Plus - Benefits from inbound sales team and higher energy prices (March 2008)

Telecom Plus - Massive upgrade to forecasts (January 2008)

Telecom Plus - Persistent buyer in the market (September 2007)

Telecom Plus - Results 13 December (November 2006)

Telecom Plus - Squarely in the SME market (July 2002)

With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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