Record profits at Telecom Plus

Discount utility provider Telecom Plus has beaten City forecasts by reporting record pre-tax profits of £30.7m, and chief executive Andrew Lindsay is expecting double-digit earnings growth this year, too. And, with the company's strong cash flow wiping out debt, the board has lifted dividends by 23 per cent and is committing to a payout ratio of between 75 and 80 per cent of net earnings in the future.

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