Telecom Plus PLC (LON:TEP), trading as Utility Warehouse or UW, which supplies a wide range of utility services focussed on domestic customers in the UK, has issued a trading update for the six-month period ending 30 September 2024.
H1 trading overview
Customer numbers increased by 67k in the first 6 months of FY25, representing an annualised growth rate of over 13%, with the number of services supplied increasing by 139k to a total of 3.266m. With 1.078m households now taking their essential home services from UW, our current growth rate keeps us on track to increase the size of our high quality base to 2 million customers over the medium term.
We have now delivered double digit percentage customer growth for 3 consecutive years, during which we have seen energy prices rise, fall and stabilise. This clearly demonstrates our ability to sustainably outcompete, in a wide range of different market conditions, as a result of our unique multi-service proposition and differentiated route to market.
With the business performing strongly, and significant further growth opportunities ahead, we continue to invest in enhancing our existing market leading customer proposition. At our Partner ‘Ignite’ event in early September we launched our first EV tariff, offering market-leading overnight charging prices for multi service customers, together with our fastest ever full fibre ‘900’ broadband product. As a result, our Partners are moving into H2 with high confidence and strong momentum.
Outlook and notice of results
We remain confident in our previous guidance for both customer growth (12%-14%) and adjusted pre-tax profits (£124m-£128m) for the full year, and look forward to providing a further update with our half year results on 26 November 2024.
Stuart Burnett, Telecom Plus CEO, said:
“We are pleased to see our compounding double digit customer growth continue, simply by helping households to stop wasting time and money. Our unique multiservice model means we can continue to provide market-leading savings, and sustainably outcompete, in a wide range of market conditions. This is ever more important for our customers as we head into the winter months, helping to offset the recent increase in the energy price cap.
With a new market-leading EV and full fibre broadband offering, our Partners have even more ways to help their friends and family to save, whilst building a valuable long-term additional income for themselves.”
