Telecom Plus

TEP · Main Market · Utilities · mcap £653m · 855.0p

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Financials · balance sheet 31 Mar 26 · last twelve months · today’s market value

Source: results 23 Jun 26 ↗

Key figures Cash & debt Profit & cash flow Valuation Returns & quality Latest half-year

Market cap: £657.1m
Owner’s net cash: −£140.8m
Net cash / market cap: -21%
EV ex leases: £797.9m
Revenue: £1,941m
Operating profit: £125.4m
Free cash flow after leases: £53.3m
EV / EBIT: 6.4×
FCF yield: 8.1%
Price / tangible book: 7.15×
ROCE: 25%
Net income (owners): £80.7m

Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

Key figures As reported

Income statement Balance sheet Cash flow

Annual Half-yearly

Standardised line items in £m, comparable across companies; when a later report restated a period, the later figure is shown and marked ^r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.

Trading update 17 Aug 26ahead6 figures since the last report

Multiservice customer growth running ahead of 10% target at 2.5x FY26 rate; partner network at record activity levels.

Annualised multiservice customer growth (first four months FY27)	running slightly ahead of 10% target
Multiservice customer growth FY26	3.9%
Average monthly active Partners (April-July FY27)	c.4.9k
Total Partner numbers (end July 2026)	over 85k
Core services cross-sold (first four months FY27)	c.17,000
Adjusted profit before tax guidance FY27	£80m to £90m

As stated by the company, unaudited. Read it →

Latest report: FY Mar 26 (twelve months to 31 Mar 26), published 23 Jun 26 · read the results ↗

Source ↗

	2026 £'000	2025 £'000
Revenue	1,941,057	1,838,156
Cost of sales	(1,551,893)	(1,480,088)
Gross profit	389,164	358,068
Distribution expenses	(48,008)	(45,657)
Administrative expenses - other	(159,131)	(144,356)
Restructuring costs	(691)	(5,717)
Share incentive scheme charges	(4,847)	(3,409)
Amortisation of energy supply contract intangible	(11,228)	(11,228)
Total administrative expenses	(175,897)	(164,710)
Impairment loss on trade receivables	(41,207)	(33,389)
Other income	1,360	1,579
Operating profit	125,412	115,891
Financial income	2,871	3,161
Financial expenses	(15,299)	(13,103)
Net financial expense	(12,428)	(9,942)
Profit before taxation	112,984	105,949
Taxation	(32,314)	(29,852)
Profit and total comprehensive income for the period	80,670	76,097
Basic earnings per share	101.2p	96.3p
Diluted earnings per share	99.9p	95.1p

Source ↗

	2026 £'000	2025 £'000
Property, plant and equipment	20,871	23,523
Investment property	7,861	7,895
Intangible assets	171,178	133,415
Goodwill	3,742	3,742
Other non-current assets	90,543	68,335
Total non-current assets	294,195	236,910
Current assets
Inventories	2,350	3,200
Trade and other receivables	130,227	118,377
Current tax receivable	2,207	3,049
Accrued income	233,335	236,798
Prepayments	9,900	32,466
Costs to obtain contracts	35,537	26,574
Cash and cash equivalents	91,452	79,020
Total current assets	505,008	499,484
Total assets	799,203	736,394
Current liabilities
Trade and other payables	(63,256)	(48,731)
Accrued expenses and deferred income	(233,379)	(239,803)
Total current liabilities	(296,635)	(288,534)
Non-current liabilities
Long term borrowings	(232,261)	(191,717)
Lease liabilities	(2,263)	(3,168)
Deferred tax	(1,273)	(1,465)
Total non-current liabilities	(235,797)	(196,350)
Total assets less total liabilities	266,771	251,510
Equity attributable to equity holders of the parent
Share capital	4,066	4,042
Share premium	167,174	161,491
Capital redemption reserve	107	107
Treasury shares	(15,688)	(15,688)
JSOP reserve	(1,150)	(1,150)
Retained earnings	112,262	102,708
Total equity	266,771	251,510

Source ↗

	2026 £'000	2025 £'000
Profit before taxation	112,984	105,949
Adjustments for
Net financial expense	12,428	9,942
Depreciation of property, plant and equipment	3,038	3,938
Profit on disposal of fixed assets	(12)	-
Amortisation of intangible assets and impairment	25,423	19,140
Amortisation of debt arrangement fees	574	792
Decrease in inventories	850	549
Increase in trade and other receivables (including Costs to obtain contracts)	(17,071)	(55,111)
Increase in trade and other payables	6,596	51,390
Share incentive scheme charges	4,847	3,409
Corporation tax paid	(31,809)	(31,250)
Net cash flow from operating activities	117,848	108,748
Investing activities
Purchase of property, plant and equipment	(448)	(393)
Purchase of intangible assets	(63,188)	(16,770)
Purchase of customer contracts	-	(11,971)
Disposal of property, plant and equipment	147	-
Interest received	2,954	3,056
Cash flow from investing activities	(60,535)	(26,078)
Financing activities
Dividends paid	(75,794)	(66,437)
Interest paid	(13,733)	(14,400)
Interest paid on lease liabilities	(62)	(85)
Drawdown of long term borrowing facilities	120,000	55,000
Repayment of long term borrowing facilities	(80,000)	(40,000)
Fees associated with borrowing facilities	(30)	(584)
Repayment of lease liabilities	(811)	(794)
Cancellation of 'B' shares	(1)	-
Issue of new ordinary shares	5,550	5,821
Cash flow from financing activities	(44,881)	(61,479)
Increase in cash and cash equivalents	12,432	21,191
Net cash and cash equivalents at the beginning of the year	79,020	57,829
Net cash and cash equivalents at the year end	91,452	79,020

Source ↗

	6 months ended 30 September 2025 (unaudited) £'000	6 months ended 30 September 2024 (unaudited) £'000	Year ended 31 March 2025 (audited) £'000
Revenue	744,485	697,750	1,838,156
Cost of sales	(586,853)	(529,935)	(1,480,088)
Gross profit	157,632	167,815	358,068
Distribution expenses	(21,807)	(24,424)	(45,657)
Administrative expenses - other	(78,798)	(77,804)	(144,356)
Restructuring costs	-	-	(5,717)
Share incentive scheme charges	(2,336)	(1,536)	(3,409)
Amortisation of energy supply contract intangible	(5,614)	(5,614)	(11,228)
Total administrative expenses	(86,748)	(84,954)	(164,710)
Impairment loss on trade receivables	(19,809)	(15,138)	(33,389)
Other income	683	780	1,579
Operating profit	29,951	44,079	115,891
Financial income	1,619	1,477	3,161
Financial expenses	(7,010)	(6,570)	(13,103)
Net financial expense	(5,391)	(5,093)	(9,942)
Profit before taxation	24,560	38,986	105,949
Taxation	(6,854)	(11,358)	(29,852)
Profit for the period	17,706	27,628	76,097
Basic earnings per share	22.2p	35.1p	96.3p
Diluted earnings per share	22.0p	34.8p	95.1p
Interim dividend per share	38.0p	37.0p	-

Source ↗

	30 September 2025 (unaudited) £'000	30 September 2024 (unaudited) £'000	31 March 2025 (audited) £'000
Non-current assets
Property, plant and equipment	22,015	25,213	23,523
Investment property	7,824	7,969	7,895
Intangible assets	169,973	132,491	133,415
Goodwill	3,742	3,742	3,742
Other non-current assets	75,627	63,363	68,335
Total non-current assets	279,181	232,778	236,910
Current assets
Inventories	3,665	3,019	3,200
Trade and other receivables	114,604	103,505	118,377
Current tax receivable	12,515	3,907	3,049
Accrued income	121,264	92,740	236,798
Prepayments	13,064	79,507	32,466
Costs to obtain contracts	27,271	23,542	26,574
Cash and cash equivalents	90,888	70,824	79,020
Total current assets	383,271	377,044	499,484
Total assets	662,452	609,822	736,394
Current liabilities
Trade and other payables	(43,004)	(48,015)	(48,731)
Accrued expenses and deferred income	(151,982)	(147,843)	(239,803)
Total current liabilities	(194,986)	(195,858)	(288,534)
Non-current liabilities
Long term borrowings	(232,004)	(181,891)	(191,717)
Lease liabilities	(2,769)	(3,562)	(3,168)
Deferred tax	(1,129)	(556)	(1,465)
Total non-current liabilities	(235,902)	(186,009)	(196,350)
Total assets less total liabilities	231,564	227,955	251,510
Equity
Share capital	4,067	4,031	4,042
Share premium	167,100	158,767	161,491
Capital redemption reserve	107	107	107
Treasury shares	(15,688)	(15,688)	(15,688)
JSOP reserve	(1,150)	(1,150)	(1,150)
Retained earnings	77,128	81,888	102,708
Total equity	231,564	227,955	251,510

Source ↗

	6 months ended 30 September 2025 (unaudited) £'000	6 months ended 30 September 2024 (unaudited) £'000	Year ended 31 March 2025 (audited) £'000
Operating activities
Profit before taxation	24,560	38,986	105,949
Adjustments for
Net financial expense	5,391	5,093	9,942
Depreciation of property, plant and equipment	1,721	1,989	3,938
Profit on disposal of fixed assets	(2)	-	-
Amortisation of intangible assets and impairment	11,800	9,309	19,140
Share incentive scheme charges	2,336	1,536	3,409
Amortisation of debt arrangement fees	317	382	792
Corporation tax paid	(16,654)	(15,625)	(31,250)
(Increase)/decrease in inventories	(465)	730	549
Decrease/(increase) in trade and other receivables	130,618	52,584	(55,111)
(Decrease)/increase in trade and other payables	(95,007)	(41,393)	51,390
Net cash flow from operating activities	64,615	53,591	108,748
Investing activities
Purchase of property, plant and equipment	(146)	(189)	(393)
Purchase of intangible assets	(48,358)	(6,015)	(16,770)
Prepayment of purchase of customer contracts	-	-	(11,971)
Interest received	1,720	1,485	3,056
Cash flow from investing activities	(46,784)	(4,719)	(26,078)
Financing activities
Dividends paid	(45,459)	(37,145)	(66,437)
Interest paid	(5,518)	(6,595)	(14,400)
Interest paid on lease liabilities	(33)	(48)	(85)
Drawdown of long-term borrowing facilities	60,000	30,000	55,000
Repayment of long-term borrowing facilities	(20,000)	(25,000)	(40,000)
Fees associated with borrowing facilities	(30)	-	(584)
Repayment of lease liabilities	(399)	(399)	(794)
Issue of new ordinary shares	5,476	3,310	5,821
Cash flow from financing activities	(5,963)	(35,877)	(61,479)
Increase/(decrease) in cash and cash equivalents	11,868	12,995	21,191
Net cash and cash equivalents at the beginning of the year	79,020	57,829	57,829
Net cash and cash equivalents at the year end	90,888	70,824	79,020

	FY Mar 26	FY Mar 25
Revenue to operating profit
Revenue	1,941.1	1,838.2
Gross profit	389.2	358.1
Adjusted EBITDA	161.8	148.1
EBITDA	–	139.0
Operating profit	125.4	115.9
Depreciation (owned assets)	3.0	3.9
Share-based payments	4.8	3.4
Operating profit to net income
Finance costs	(15.3)	(13.1)
Profit before tax	113.0	105.9
Tax	(32.3)	(29.9)
Net income (owners)	80.7	76.1
Per share
EPS basic	101.2p	96.3p
EPS diluted	99.9p	95.1p
Dividend per share	50.0p	94.0p

	H2 Mar 26	H1 Sep 25	H2 Mar 25	H1 Sep 24
Revenue to operating profit
Revenue	1,196.6	744.5	1,140.4	697.8
Gross profit	231.5	157.6	190.3	167.8
Operating profit	95.5	30.0	71.8	44.1
Depreciation (owned assets)	1.3	1.7	1.9	2.0
Share-based payments	2.5	2.3	1.9	1.5
Operating profit to net income
Profit before tax	88.4	24.6	67.0	39.0
Tax	(25.5)	(6.9)	(18.5)	(11.4)
Net income (owners)	63.0	17.7	48.5	27.6
Per share
EPS basic	79.0p	22.2p	61.2p	35.1p
EPS diluted	77.9p	22.0p	60.3p	34.8p
Dividend per share	12.0p	38.0p	57.0p	37.0p

	FY Mar 26	FY Mar 25
Operating activities
Cash from operations	117.8	108.7
Interest paid	(13.7)	(14.4)
Tax paid	(31.8)	(31.2)
Investing activities
Capex (PP&E)	(0.4)	(0.4)
Capex (intangibles)	(63.2)	(16.8)
Financing activities
Lease principal paid	(0.8)	(0.8)
Lease interest paid	(0.1)	(0.1)
Dividends paid	(75.8)	(66.4)
Shares issued	5.5	5.8

	H2 Mar 26	H1 Sep 25	H2 Mar 25	H1 Sep 24
Operating activities
Cash from operations	53.2	64.6	55.2	53.6
Interest paid	(8.2)	(5.5)	(7.8)	(6.6)
Tax paid	(15.2)	(16.7)	(15.6)	(15.6)
Investing activities
Capex (PP&E)	(0.3)	(0.1)	(0.2)	(0.2)
Capex (intangibles)	(14.8)	(48.4)	(10.8)	(6.0)
Financing activities
Lease principal paid	(0.4)	(0.4)	(0.4)	(0.4)
Lease interest paid	(0.0)	(0.0)	(0.0)	(0.0)
Dividends paid	(30.3)	(45.5)	(29.3)	(37.1)
Shares issued	0.1	5.5	2.5	3.3

	31 Mar 26	31 Mar 25
Non-current assets
Goodwill	3.7	3.7
Other intangibles	171.2	133.4
Property, plant & equipment	20.9	23.5
Investment property	7.9	7.9
Non-current assets	294.2	236.9
Current assets
Inventories	2.4	3.2
Trade receivables	130.2	118.4
Cash	91.5	79.0
Current assets	505.0	499.5
Total assets	799.2	736.4
Current liabilities
Trade payables	63.3	48.7
Current liabilities	296.6	288.5
Non-current liabilities
Borrowings, non-current	232.3	191.7
Lease liabilities, non-current	2.3	3.2
Equity
Total equity	266.8	251.5
Net cash and other figures
Net cash / (debt) incl. leases	(143.1)	(115.9)
Treasury shares	-15.7m	-15.7m

	31 Mar 26	30 Sep 25	31 Mar 25	30 Sep 24
Non-current assets
Goodwill	3.7	3.7	3.7	3.7
Other intangibles	171.2	–	133.4	–
Property, plant & equipment	20.9	22.0	23.5	25.2
Investment property	7.9	7.8	7.9	8.0
Non-current assets	294.2	279.2	236.9	232.8
Current assets
Inventories	2.4	3.7	3.2	3.0
Trade receivables	130.2	114.6	118.4	103.5
Cash	91.5	90.9	79.0	70.8
Current assets	505.0	383.3	499.5	377.0
Total assets	799.2	662.5	736.4	609.8
Current liabilities
Trade payables	63.3	43.0	48.7	48.0
Current liabilities	296.6	195.0	288.5	195.9
Non-current liabilities
Borrowings, non-current	232.3	232.0	191.7	181.9
Lease liabilities, non-current	2.3	2.8	3.2	3.6
Equity
Total equity	266.8	231.6	251.5	228.0
Net cash and other figures
Net cash / (debt) incl. leases	(143.1)	(143.9)	(115.9)	(114.6)
Treasury shares	-15.7m	–	-15.7m	–

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Company filings. Not investment advice.