SHARES in Telecom Plus rocketed 15.5 per cent yesterday with expectations of a 10 per cent growth in customers over the next six months.

The London-based company, which trades as Utility Warehouse, supplies gas, electricity, landline, broadband and mobile services to 660,700 customers.

In its half-year results published yesterday the firm reported a six per cent rise in revenue as year-on-year with resilient performance across all parts of its businesses.

The strong results come despite the wider energy crisis in the industry, which has seen 21 suppliers cease trading and Bulb enter a special administration process.

Andrew Lindsay, co-chief executive, said: "The recent energy crisis has brought a seven-year destructive price war to an abrupt end, and the subsequent spate of energy supplier failures has demonstrated the inherent flaws in the regulator's policy of 'competition at all costs'."

(c) 2021 City A.M., source Newspaper