AUS
NZ
UK
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USA
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GER
ESP
ITA
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IND
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UAE
Highlights:
- Telecom Plus added 67,000 customers in the first half of 2024, representing over 13% annualized growth.
- The company credits its multi-service proposition for sustained growth, even amid energy price fluctuations.
- Full-year guidance remains unchanged, targeting 12%-14% customer growth and pre-tax profits between £124m and £128m.
Telecom Plus (LSE:TEP), trading as Utility Warehouse, announced continued strong growth in customer numbers in its first-half update, adding 67,000 new customers in the six months ending 30 September. This increase represents an annualized growth rate of over 13%, bringing the total number of services supplied to 3.266 million. The FTSE 250 company now serves 1.078 million households and is on track to meet its medium-term goal of reaching two million customers.
Telecom Plus credited its multi-service model, which bundles essential household services such as energy, broadband, and mobile, for driving sustained growth. The firm has now achieved double-digit customer growth for three consecutive years, even amid fluctuations in energy prices. This unique proposition allows the company to offer market-leading savings and perform well under a variety of market conditions.
Looking ahead, Telecom Plus reaffirmed its confidence in meeting full-year guidance, targeting customer growth of 12% to 14% and adjusted pre-tax profits between £124m and £128m. Chief executive Stuart Burnett highlighted the importance of helping households save money, especially in the context of rising energy costs, while also introducing new offerings like electric vehicle (EV) charging solutions and full-fibre broadband to its product line-up.
The company will release its half-year results on 26 November 2024.
