REG - Telecom Plus PLC - Trading Update and Notice of Results

Telecom PlusAnnouncement

03/10/2024 07:00

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RNS Number : 7140G  Telecom Plus PLC  03 October 2024

3 October 2024

Telecom Plus PLC

Trading Update and Notice of Results

"Compounding double-digit customer growth continues"

Telecom Plus PLC (trading as Utility Warehouse or UW), which supplies a wide
range of utility services focussed on domestic customers in the UK, today
issues 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, 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."

For more information, please contact:

 Telecom Plus PLC

 Stuart Burnett, CEO               020 8955 5000

 Nick Schoenfeld, CFO

 Peel Hunt

 Dan Webster / Andrew Clark        020 7418 8900

 Deutsche Numis

 Mark Lander / Joshua Hughes       020 7260 1000

 For investor relations:

 Matthew Walker                    07557 224386

                                   matthew.walker@uw.co.uk
 For media relations:

 Lansons Communications LLP

 Tom Baldock / Ed Hooper           07860 101715 / 07783 387713

                                   utilitywarehouse@lansons.com

 

About Telecom Plus PLC ("Telecom Plus"):

Telecom Plus, which owns and operates Utility Warehouse (UW), is the UK's
leading multiservice utility provider, offering bundled household services -
energy, broadband, mobile and insurance - through one account.

Customers benefit from the convenience of a single monthly bill, consistently
good value across all their utilities and exceptional levels of service.

Customers sign up through a network of local UW Partners all across the
country. These Partners recommend UW's services to friends, family and people
they know by word of mouth.

Telecom Plus is listed on the London Stock Exchange (Ticker: TEP LN).  For
further information please visit telecomplus.co.uk

LEI code: 549300QGHDX5UKE58G86

Cautionary statement regarding forward-looking statements

This Announcement may contain "forward-looking statements" with respect to
certain of the Company's plans and its current goals and expectations relating
to its future financial condition, performance, strategic initiatives,
objectives and results. Forward-looking statements sometimes use words such as
"aim", "anticipate", "target", "expect", "estimate", "intend", "plan", "goal",
"believe", "seek", "may", "could", "outlook" or other words of similar
meaning.  By their nature, all forward-looking statements involve risk and
uncertainty because they are based on numerous assumptions regarding the
Company's present and future business strategies, relate to future events and
depend on circumstances which are or may be beyond the control of the Company
which could cause actual results or trends to differ materially from those
made in or suggested by the forward-looking statements in this Announcement,
including, but not limited to, domestic and global economic business
conditions; market-related risks such as fluctuations in interest rates; the
policies and actions of governmental and regulatory authorities; the effect of
competition, inflation and deflation; the effect of legislative, fiscal, tax
and regulatory developments in the jurisdictions in which the Company and its
respective affiliates operate; the effect of volatility in the equity, capital
and credit markets on profitability and ability to access capital and credit;
a decline in credit ratings of the Company; the effect of operational risks;
an unexpected decline in sales for the Company; any limitations of internal
financial reporting controls; and the loss of key personnel.  Any
forward-looking statements made in this Announcement by or on behalf of the
Company speak only as of the date they are made.  Save as required by the
Market Abuse Regulation, the Disclosure Guidance and Transparency Rules, the
Listing Rules or by law, the Company undertakes no obligation to update these
forward-looking statements and will not publicly release any revisions it may
make to these forward-looking statements that may occur due to any change in
its expectations or to reflect events or circumstances after the date of this
Announcement.

 

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