Telecom Plus warns on profit hit after Ofgem price cap, sees 2020 rebound

Telecom Plus Plc on Wednesday warned that full-year profit would lower-than-expected, after revenue in the fourth quarter was hurt from a price cap put in place by Britain’s energy regulator and higher acquisition costs.

Adjusted profit before tax for the financial year ended March 31 is expected to be towards the lower end of its prior forecast of about 56 million pounds ($73.14 million), the company said.

Telecom Plus reported an adjusted profit before tax of 54.3 million pounds in 2018.

Shares of Telecom were down 2.8 percent at 1448 pence by 0713 GMT.