Business
Trading Statement-Replacement
Trading Statement-Replacement.
About this update from Telecom Plus Plc
[{"type":"text","content":"\n Telecom Plus PLC\n23 November 2005\n\n\n This announcement replaces the Trading Statement announcement released on \n Wednesday 23 November 2005 at 13.57 under RNS no 5695U. An\n amendment has been made to the final sentence. The full announcement text\n appears below.\n\n Telecom plus plc ('the Company')\n Trading Statement\n\nIn the preliminary results announcement issued on 10 June 2005, the Company\nstated that it anticipated profits for the current year to 31 March 2006 would\nbe slightly lower compared with last year, due to the continuing impact of\nlosses within its gas supply business and increased customer acquisition costs.\n\nThe Company continues to expect a significant increase in turnover during the\ncurrent year as both its customer base and the number of services taken by each\ncustomer continue to grow, however over recent days the wholesale price of gas\n(both day-ahead as well as for the coming four winter months) has become\nincreasingly volatile and reached unprecedented highs, with the result that full\nyear profits to 31 March 2006 are now expected to be substantially lower than\nlast year.\n\nWe have recently concluded a long term working capital facility with Barclays\nBank plc, enabling us to implement a systematic hedging programme which will\nprogressively align our wholesale energy costs with those of our main\ncompetitors. We continue however to purchase the majority of our gas for this\nwinter on a short-term basis, as the price demanded for medium term purchases\nmakes it commercially unattractive to hedge at present.\n\nThe Company intends to announce its interim results for the six months ended 30\nSeptember 2005 on Tuesday 13 December 2005. The Directors anticipate that the\npre-tax profits for this period will be in excess of £5million but the final\noutcome for the full year remains uncertain as it will be dependant on the\nlevels of wholesale gas prices for the rest of this winter.\n\n23 November 2005\n\nEND\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange\n \n ","length":2313,"tagName":"div"}]