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Telecom Plus warns on profit after Ofgem price cap hit

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(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, the company said.

It had reported an adjusted profit before tax of 54.3 million pounds in 2018.

(Reporting by Shashwat Awasthi in Bengaluru; Editing by Bernard Orr)

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