Telecom Plus flags continued robust growth in first half

Telecom Plus reported continued robust growth in customer numbers in a first-half update on Thursday, with a rise of 67,000 customers in the six months ended 30 September.

The FTSE 250 firm, which trades as Utility Warehouse, said that represented an annualised growth rate of over 13%, bringing the total number of services supplied to 3.266 million.

It said it now served 1.078 million households, adding that it remained on track to reach its medium-term goal of two million customers.

The company highlighted that it had now achieved double-digit percentage customer growth for three consecutive years, despite fluctuations in energy prices.

Telecom Plus put that sustained performance down to its multi-service proposition, which combines several essential utility services for UK households, and its unique market approach.

Looking ahead, Telecom Plus said it remained confident in meeting its full-year guidance of 12% to 14% customer growth and adjusted pre-tax profits of between £124m and £128m.

“We are pleased to see our compounding double digit customer growth continue, simply by helping households to stop wasting time and money,” said chief executive officer Stuart Burnett.

“Our unique multiservice model means we can continue to provide market-leading savings, and sustainably outcompete, in a wide range of market conditions.”

Burnett said that was “is ever more important” for customers heading into winter, 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.”

The company will release its half-year results on 26 November 2024.

Reporting by Josh White for Sharecast.com.