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Telecom Plus warns on profit after Ofgem price cap hit

Reuters - UK Focus

April 17 (Reuters) - British multi-utility supplier Telecom Plus Plc on Wednesday warned that profit for full-year 2019 would be lower-than-expected, citing a drop in revenue in the fourth quarter because of a price cap by the country's energy regulator and expansion-related losses.

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

It had reported an adjusted profit before tax of 54.3 million pounds in 2018. ($1 = 0.7657 pounds) (Reporting by Shashwat Awasthi in Bengaluru; Editing by Bernard Orr)