REG - Telecom Plus PLC - Half-Year Results
Today 07:00
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RNS Number : 8023I Telecom Plus PLC 25 November 2025
25 November 2025
Telecom Plus PLC
Half-Year Results for the Six Months ended 30 September 2025
"Compound double digit customer growth continues for a fourth consecutive
year; cross-sell into acquired TalkTalk customers exceeding expectations"
Telecom Plus PLC (trading as Utility Warehouse), an integrated and unique
platform for subscription-style essential household services in the UK, today
announces its half-year results for the six months ended 30 September 2025 (H1
FY26).
Financial Highlights
● Revenues of £744.5m (H1 FY25: £697.8m)
● Re-phasing of H1/H2 energy costs, with no impact on expected full
year profits as previously announced(1)
● Gross profit of £157.6m (H1 FY25: £167.8m)
● Adjusted pre-tax profit of £32.5m (H1 FY25: £46.1m)
● Adjusted EPS of 31.5p (H1 FY25: 43.6p)
● Statutory pre-tax profit of £24.6m (H1 FY25: £39.0m)
● Statutory EPS of 22.2p (H1 FY25: 35.1p)
● Net debt to adjusted EBITDA ratio at 1.1x (FY25: 0.8x)
● Interim dividend increased to 38p (H1 FY25: 37p) per share
Operating highlights
● Customer numbers increased by 222,977 to 1,386,585 (March 2025:
1,163,608), representing customer growth for H1 of over 19%
● 11% annualised organic customer growth (H1 FY25: 13%), in line with
guidance
● Cross-sell trial into broadband customers acquired from TalkTalk
performing ahead of expectations, with around 5,000 customers upgraded and
cross-sold
● Service numbers increased by 256,375 to 3,648,968 (March 2025:
3,392,593)
● Launched one of the UK's most competitive multi-sim mobile offerings
in September
● Winner of Best Value for Money at the uSwitch 2025 Energy awards,
together with Which? Recommended Provider status for Energy and Broadband
Current trading & outlook
● We have now delivered a compound annual growth in customers of 20%
over the last 4 years, against a macro backdrop that has seen energy prices
rising, falling and broadly stable
● Ongoing favourable environment for recruitment of new Partners due
to macro-economic pressures and long-term structural trends, including the
work transition and pensions crisis
● We are confident in meeting FY26 guidance of around 25% total
customer growth (including the customers transferred from TalkTalk), with low
double digit organic customer growth and £132-£138m of adjusted pre-tax
profit
● Continued confidence in growing the business to two million
customers and beyond over the medium term, leveraging our scalable platform
for subscription-style essential household services
( )
( )
(1.) (As announced on 7 October 2025, the Company's profit phasing has changed
to weight profit to the second half of the year. This is due to the way
certain industry costs (such as metering) are now being allocated to us more
equally across the financial year following the previously announced evolution
of our wholesale energy supply agreement. This change reflects patterns
across the industry and will not have an impact on the Company's total
expected full year profits.)
( )
(2.) (The reconciliations for the following alternative performance measures:
adjusted profit before tax and net debt/adjusted EBITDA, and adjusted EPS, are
set out in notes 4 and 9 respectively.)
Commenting on today's results, Stuart Burnett, CEO said:
"We are pleased to have delivered double digit compound customer growth for a
fourth consecutive year, simply by helping households to save time and money
on their essential household bills, and demonstrating the ability of our
unique multiservice model to provide market-leading savings in a wide range of
market conditions.
We have exceeded our initial cross-sell expectations into the first tranche of
broadband customers we acquired from TalkTalk, and are excited by the future
opportunities this creates.
With one of the UK's most competitive mobile propositions, alongside our
market-leading offering in energy, broadband and insurance, our Partners have
even more ways to help their friends and families to save, whilst building a
valuable long-term additional income for themselves."
There will be a virtual management presentation for analysts and investors
today, starting at 09.00am, accessible via https://brrmedia.news/TEP_HY_26
(https://brrmedia.news/TEP_HY_26) .
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
matthew.walker@uw.co.uk
For media relations:
Lansons | Team Farner
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 only integrated multiservice utility platform, offering a wide
range of subscription-style essential household services - energy, broadband,
mobile and insurance; all these services share similar characteristics where
the revenues and profitability are highly predictable, and where customers can
be expected to remain with us for an extended period once all their chosen
services have been successfully migrated.
Customers benefit from the convenience of a single monthly bill, consistently
good value across all their utilities and exceptional service levels.
Customers sign up through a national network of local UW Partners, who
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.
Introduction
We are the UK's only integrated platform for subscription-style essential
household services, spanning energy, broadband, mobile and insurance. The
discounts available to our customers increase with each service taken, and our
low churn subscription-style model generates recurring and predictable profits
and cashflow. Our bespoke and scalable platform can be leveraged in future to
add additional essential subscription style services (such as car insurance or
breakdown cover), increasing its value to both customers and the business.
We have a unique and sustainable long-term business model with significant
barriers to entry, as demonstrated by the absence of any direct competitors
despite our consistent organic growth, strong cash generation and significant
financial success over more than 25 years.
We bundle essential home services together to give UW customers peace of mind,
sustainable long-term savings, a simple single monthly bill and award-winning
customer service; these ensure our customers stay with UW for far longer than
our competitors. In addition, we offer a CashBack card which provides them
with valuable extra savings at a wide range of retailers. The combination of
higher revenues per customer (from taking multiple services) and lower churn
generate a significantly higher average customer lifetime value. By having a
single set of central overheads for our multiple revenue streams, we are able
to make substantial cost savings due to operating efficiencies. This gives us
a sustainable, structural cost advantage which enables us to offer great value
across our range of services and provide significant savings to our customers
year after year.
Our word of mouth Partner network gives us a unique way of acquiring
hard-to-reach multiservice homeowner customers. The perceived effort of
switching multiple services can be high amongst consumers, typically resulting
in more conventional advertising and marketing approaches failing to
successfully convert customers to a relatively complex multiservice
proposition. In contrast, a conversation with a trusted Partner can provide
first-hand reassurance and support throughout the switching process - often
based on the Partner's personal experience - thus helping to overcome any such
concerns, as well as the natural inertia associated with switching multiple
essential household services simultaneously.
Continually strengthening our market-leading proposition for both our
customers and Partners drives consistent growth in our multiservice customer
base in a way that other customer acquisition strategies cannot replicate.
In addition, our unique multiservice proposition enables us to accelerate our
growth through opening up inorganic single-service customer acquisition
opportunities, where we will then upgrade and cross-sell our other services to
these customers over time.
H1 FY26 Overview
With rational competition now firmly embedded in the retail energy market, the
company has continued to perform strongly, clearly demonstrating the enduring
ability of our subscription-style business model to deliver double-digit
organic growth under a wide range of wholesale energy price environments; this
underpins our confidence that the profitable growth trajectory seen over
recent years will continue.
We welcomed an additional 222,977 customers during the period, taking the
number of customers to 1,386,585, a record level. This represented a growth
rate of over 19% in the first six months. This includes most of the customers
acquired from TalkTalk in two tranches earlier this year. Annualised organic
customer growth was 11% in the period. Ongoing multiservice take-up among
customers seeking to maximise the savings that they can make on their
household bills resulted in the number of services we supply growing by
256,375 to a total of 3,648,968.
The key to generating our organic growth is our unique and hard-to-replicate
word-of-mouth acquisition model. Our network of Partners is motivated by the
opportunity to earn additional income in the context of continuing
cost-of-living pressures; the satisfaction of helping people to save money on
their essential household services; the need to save for retirement; and a
long-term structural trend towards multiple incomes which now comprises over
20 million individuals in the UK.
In the first half we reinforced our customer proposition by launching one of
the UK's most competitive multi-sim mobile offerings and introduced a welcome
bonus of up to £150 for new multiservice homeowner customers to spend on
their Cashback Card. As a result of these enhancements to our already market
leading customer proposition, our Partners move into H2 with high confidence
and strong momentum.
Our cross-sell trial into the first tranche of broadband customers acquired
from TalkTalk is continuing to perform ahead of expectations, with around 5k
customers upgraded and cross-sold to so far. This gives us significant
confidence in our ability to cross-sell into any further books of customers we
may acquire in future, and we are excited about the future opportunities that
this represents.
While high-quality growth remains a core focus for the business, we also
prioritise supporting our customers, delivering for our employees and
achieving our ESG objectives. We continue to support vulnerable customers
through our partnership with Citizens Advice, while our Electric Vehicle (EV)
tariff and enhanced Smart Export Guarantee (SEG) tariff help us to better
serve our customers as the UK's energy retail market continues to evolve
alongside the UK's transition toward net zero.
Financial Results
Adjusted Statutory
Half year to 30 September 2026 2025 Change 2026 2025 Change
Revenue £744.5m £697.8m 6.7% £744.5m £697.8m 6.7%
Gross profit £157.6m £167.8m (6.1)% £157.6m £167.8m (6.1)%
Profit before tax £32.5m £46.1m (29.5)% £24.6m £39.0m (37.0)%
Basic earnings (per share) 31.5p 43.6p (27.8)% 22.2p 35.1p (36.8)%
Interim dividend (per share) 38.0p 37.0p 2.7% 38.0p 37.0p 2.7%
In order to provide a clearer presentation of the underlying performance of
the group, adjusted profit before tax and adjusted basic EPS exclude share
incentive scheme charges of £2.3m (2025: £1.5m), and the amortisation of the
intangible asset of £5.6m (2025: £5.6m) arising from entering into the
energy supply arrangements with E.ON (formerly npower) in December 2013; this
decision reflects both the relative size and non-cash nature of these charges.
The reconciliations for adjusted profit before tax and adjusted EPS are set
out in notes 4 and 9 respectively.
Revenues increased to £744.5m (H1 FY25: £697.8m) mainly due to customer
growth, including the broadband customers acquired from TalkTalk.
As expected, adjusted profit before tax decreased to £32.5m (H1 FY25:
£46.1m) due to the previously announced change in phasing of certain energy
industry costs (such as metering) more evenly across the financial year.
This follows the previously announced evolution of our wholesale energy
agreement and more typically reflects patterns across the wider industry.
The change will not have an impact on our total expected full year profits.
Statutory profit before tax decreased to £24.6m (H1 FY25: £39.0m), including
energy supply contract intangible amortisation of £5.6m (H1 FY25: £5.6m),
and share incentive scheme charges of £2.3m (H1 FY25: £1.5m).
Adjusted earnings per share decreased to 31.5p (H1 FY25: 43.6p) and statutory
earnings per share decreased to 22.2p, reflecting the rephasing in our
profitability referred to above.
We will be paying an interim dividend of 38.0p per share (H1 FY25: 37p) on 19
December 2025 to shareholders on the register on 5 December 2025; the
Company's shares will go ex-dividend on 4 December 2025.
Revenues
The increase in revenue reflects customer growth, including the broadband
customers acquired from TalkTalk.
Gross margin
Gross margin was 21.2% (H1 FY25: 24.1%), largely reflecting the change to the
phasing of certain energy industry costs more evenly across the financial
year. This follows the previously announced evolution of our wholesale energy
agreement and more typically reflects patterns across the wider industry.
Costs
Distribution expenses of £21.8m (H1 FY25: £24.4m) marginally decreased as a
percentage of sales, reflecting the service mix.
Against a backdrop of strong customer growth and higher National Insurance and
minimum living wage costs, administrative expenses (excluding the amortisation
of the energy supply contract intangible and share incentive scheme charges)
marginally increased to £78.8m (H1 FY25: £77.8m).
The bad debt charge for the period rose to £19.8m (H1 FY25: £15.1m). This
reflected continued elevated levels of customer non-payment arising from
previously high energy prices and the temporary moratorium on the involuntary
installation of prepayment meters. A progressive ramp-up of this debt recovery
process is ongoing. Typically, any movements in bad debt levels across the
industry are recovered through increases in the relevant Ofgem price cap
allowance, all of which accrue to the Group.
Cash Flow and Borrowings
The operating cash inflow of £64.6m (H1 FY25: inflow £53.6m) during the
period mainly reflected operating profit and a working capital benefit
relating to later payments for wholesale energy which will fall into the
second half.
Capital expenditure of £48.5m in the current period (H1 FY25: £6.2m) related
primarily to the acquisition of customer contracts from TalkTalk and our
ongoing technology investment programme.
Net debt (including lease liabilities) increased to £143.9m at the period end
(31 March 2025: net debt £115.9m). This was mainly due to the acquisition of
customer contracts from TalkTalk referred to above. The underlying net debt to
EBITDA ratio (on a 12-month rolling basis) was 1.1x (31 March 2025: 0.8x).
Tax
Our effective tax rate for the first half was 27.9% (H1 FY25: 29.1%). The
overall level during the current period remained above the underlying rate of
UK corporation tax of 25% due mainly to the ongoing amortisation charge on our
energy supply contract intangible asset (which is not an allowable deduction
for tax purposes).
Our Customers
We were delighted to welcome 222,977 net additional customers to UW during the
first half, representing growth of over 19%.
Number of customers H1 FY2025 H1
FY2026
FY2025
Residential 1,375,226 1,151,071 1,064,442
Small Business 11,359 12,537 13,876
Total 1,386,585 1,163,608 1,078,318
We continue to focus on driving high-quality customer growth, with
multiservice homeowners being our primary target demographic. We did not seek
to acquire any new small business customers during the period but are planning
to relaunch an offering targeting this group of customers in due course.
Our Services
We were pleased to see further healthy service growth during the period,
particularly in mobile and broadband. Due to our market-leading mobile
offering, we achieved a 29% annualised growth in mobile services. Broadband
services grew at a rate of over 37% in the period, including the customers
acquired from TalkTalk.
Energy customer growth was steady in the period, with churn remaining slightly
elevated as we moved through periods of rising, and then falling, energy price
caps. Insurance services declined modestly in the period as we continue to
re-integrate insurance into our offering; we expect insurance service numbers
to start growing again in future periods.
As a result of the large number of single service broadband customers we
acquired from TalkTalk, our service growth rate is expected to lag behind our
customer growth rate during FY26. However, as we continue to roll out our
planned programme to upgrade and cross-sell additional services to these
acquired customers, we expect this gap to narrow significantly.
Number of services H1 FY2025 H1
FY2026
FY2025
Core services
Energy 1,747,043 1,745,004 1,729,863
Broadband 561,086 409,358 384,890
Mobile 698,054 610,689 526,167
Insurance 116,721 122,856 135,113
Other services
Cashback Card 493,947 484,196 470,810
Legacy services 32,117 20,490 19,506
Total 3,648,968 3,392,593 3,266,349
Note: the table above sets out the individual services supplied to
customers. Legacy telephony comprises non-geographic numbers (08xx) and
landline only (no broadband) services provided.
Energy
Alongside our Which? Recommended Energy Provider status, in June, we won an
award at the USwitch energy award for the ninth year running, with the 'Best
Value for Money' award, demonstrating our commitment to offering high quality
and reliable services at a consistently competitive price.
The energy price cap at the start of H1 was set at £1,849, falling to £1,720
in June. Energy prices rose again at the start of H2 and a further modest
increase is expected as we move into January, with amendments to policy costs,
such as Warm Home Discount, and the introduction of a new nuclear levy,
broadly offsetting a reduction in wholesale costs.
We have seen the return of price competition to the market in the last six to
twelve months, with discounted fixed tariffs available in the market from most
suppliers. UW is one of only two suppliers that have grown their customer base
in this more competitive period, due to the savings afforded by our unique
multi-service offering.
We continue to maintain our position at the forefront of the smart meter
rollout programme. More than 78% of our customers are now benefiting from
smart meters and we remain fully committed to delivering further progress on
this vital element of the UK's transition to net zero.
Ofgem is consulting on various aspects of the price cap, driven in part by the
new Market-Wide Half-Hourly settlement regime, with an initial focus on
ensuring wholesale allowances are representative, whilst understanding any
changes to customer demand behaviour. The cost-of-living crisis is influencing
government and Ofgem policy, with potential new schemes to support customers
in arrears, including an extension to the Warm Home Discount scheme planned
for this Winter. Ofgem are also considering introducing a new requirement for
suppliers to offer a low standing charge tariff to increase consumer choice.
Broadband
Alongside our Which? Recommended Provider status for Energy, we are now also a
Which? Recommended Provider for Broadband, the first provider ever to hold
both awards at once. Broadband service numbers increased to 561,086, with
65% of new customers enjoying the benefits of Full Fibre Broadband. Our
acquisition of broadband customers from TalkTalk is allowing us to trial
cross-selling our other services to these customers and results so far have
exceeded our expectations. We are making good progress with migrating these
customers onto our platform which we expect to complete ahead of the year end.
Our partnership with CityFibre remains strong and we look forward to
continuing this as they expand their footprint. Our relationship with PXC
should also see us onboarding additional alternative networks in 2026. We
expect to be able to launch VoIP (Voice over Internet Protocol) to our
customers during H2 which we expect to result in the percentage of new
customers taking Full Fibre broadband increasing further.
Mobile
Our mobile base increased to 698,054, an annualised increase of around 29%. We
have further demonstrated our competitiveness in mobile by improving both of
our core tariffs. Our new Essential Max tariff is one of the most competitive
entry level tariffs we have ever offered at £5 for 10GB of data, whilst
additional SIMs on our Unlimited Max tariff are free for the first 6 months.
These improvements, coupled with the benefits of EE's network, have seen a
further acceleration in our mobile service growth which we expect to see
continue through the second half.
Insurance
Following positive engagement with the FCA, we resumed insurance sales at the
end of April 2025, although on a net basis insurance services declined
modestly in the period as we continue to fully re-integrate insurance into our
overall offering. We currently have several initiatives underway to return
our insurance products to growth, including enhancements to the customer sales
journey and building out our home insurance panel; as a result, we expect
insurance service numbers to return to growth in future periods.
Cashback card
Our cashback card remains a strong differentiator of our proposition,
providing a unique way for our customers to save even more money off their
bills. Since we launched the ability for customers to use Open Banking to
top-up their cashback cards in April 2025, our customers have topped-up over
1.5 million times via Open Banking (currently 71% of top-ups). Apple Pay and
Google Pay were used for 34% of payments in H1 and we are currently in the
process of extending our digital wallet capability to include Mastercard Click
To Pay. With new homeowner customers receiving a credit on their cashback
card of £50, £100, or £150 if they take 2, 3 or 4 services respectively in
early September, we have seen a 75% increase in cashback card applications.
A unique word-of mouth model that creates earning opportunities
The key to acquiring new multiservice customers is our unique and
hard-to-replicate word-of-mouth acquisition model. The strength of our
proposition combined with a number of long-term structural drivers is expected
to create growing demand for our Partner opportunity. These drivers include
the increasing prevalence of individuals seeking an additional part-time
income, itself driven by the recent irreversible trend towards flexible home
working, and the attractiveness of building a residual income stream to
enhance their future retirement income. Other factors include a more immediate
need for additional income due to the ongoing cost-of-living crisis, and the
satisfaction derived from helping people benefit from better value on their
essential household services.
Our proposition provides genuine alignment of interests between our customers,
our Partners and UW. Our customers benefit from cheaper bills, great service
and a more convenient way of buying their essential household services, while
our Partners can build a valuable residual income stream. As Partners refer
more people to UW and grow their Partner teams, their income stream can
continue to grow, creating a truly life-changing potential earning
opportunity.
We continued to see strong interest in our Partner opportunity from new
joiners, as confidence in the strength of our customer proposition continues
to build.
We continue to support our Partners in building their businesses with new
initiatives, such as the launch of "Connectors" as a way to help them generate
referrals from local community organisations, and through the introduction of
a more flexible commission structure. We also invest in modern digital tools
and training such as our AI-enabled Partner coach and our 24/7 Partner app.
Alongside this, streak-building initiatives such as the "Free Energy Club" and
"Achievers retreats" provide Partners with more benefits and opportunities
than ever before.
Investing in Customer Service
We gain our customers' trust by giving them an excellent standard of service,
fair treatment, and swiftly resolving any issues they might have. One of the
key objectives for our operations and customer service teams is to deliver a
proposition which our Partners can confidently refer to their friends and
family.
Our investment in high-quality customer service across all sectors continues
to be highlighted externally with Which? Recommended Provider status for both
Energy and Broadband; the first company to hold both awards simultaneously. We
were also awarded Best Value for Money at the uSwitch 2025 Energy awards. To
ensure that customers joining UW have a great experience we have a dedicated
welcome team who can assist customers in their first few weeks across our
energy, mobile, broadband and insurance services, whilst our advanced routing
technology allows us to route new customer calls automatically to our
specialist welcome advisors.
We continue to invest in our customer experience across all of our contact
points. In particular, we are focused on enhancing our WhatsApp channel, which
receives excellent feedback from our customers. Customers can submit questions
on a 24/7 basis and it is able to auto-resolve queries rather than solely
routing the question to a customer services representative. It is currently
resolving nearly 20% of customer queries, generating significant operating
efficiencies.
We have been active in welcoming the new customers we acquired from TalkTalk,
seeking to ensure they are happy with the service levels we are providing. We
are increasing the efficiency of our operations by offshoring some of our less
complex customer contact functions and by year-end we would expect this to
reach c.30% of our customer facing teams, up from under 10% at the end of
FY25.
Our use of AI tools has expanded to assist our advisers in providing the very
best levels of service through the development of "agent assist" which places
accurate and concise knowledge in front of our teams when they are talking to
our customers. As a result, we are resolving our customers' queries quicker
than previously whilst improving our operational efficiency. We are also using
AI to identify cross-sell opportunities with increased accuracy, including
capturing customer renewal dates for various services, enabling us to
subsequently recontact the customer at the right time.
We remain committed to supporting vulnerable customers at UW through our
successful partnership with Citizens Advice. We also continue to run a
dedicated energy prepayment customer service hub in Selkirk, Scotland, which
was set up to provide support to those in greatest need.
Our People
This year, we've continued to focus on creating a working environment where
people feel heard, connected, and see a clear path to grow their careers.
We've made good progress in building the tools and shaping the practices that
set the foundations for our people to thrive.
A key development in H1 has been the relaunch of our employee engagement
survey, Heartbeat, this time on a brand-new platform: Peakon. We've moved from
a quarterly cycle to shorter, monthly pulse surveys, resulting in more regular
and dynamic feedback.
We continue to focus on performance and efficiency. After successfully
launching objective setting for all our people within Spark, our online
development platform, 96.2% of People Leaders have active objectives in place,
exceeding our 90% target.
We also launched our UW Career Framework, sharing visibility of every new
role. Benchmarked to six career levels and mapped across 13 job families,
we've given our people the tools to take greater ownership of their career
development and support meaningful discussions about growth and progression.
We continue to support career development in all forms, whether that's through
promotion, a side-step to learn new skills, or deepening expertise in their
current role.
And as ever, we are continuing to invest in our People Leader Community - our
biggest talent multipliers. Right now, we're preparing for our biggest ever
leadership event at the end of the year - Elevate - bringing together our
entire People Leadership Community for a day of inspiration, connection and
collaboration.
Our ESG Progress
We continue to support the UK's transition towards net zero through the smart
meter rollout
and offering UW customers our EV and Smart Export Guarantee tariffs, to help
us meet the
changing needs of our customers as the energy market evolves.
As cost-of-living challenges continue to impact households across the UK, we
remain firmly
committed to supporting vulnerable customers nationwide through specialist
support from
our team at Citizens Advice Plymouth.
We are proud to continue advancing our Diversity, Inclusion and Belonging
(DIB) agenda
with the launch of our refreshed DIB strategy and vision, focusing on driving
inclusive
leadership and accelerating the positive impact of our seven established
Belonging Groups.
In recognition of the positive social impact generated by our Partners, we
proudly launched
the new UW Community Champion Awards. This initiative celebrates the
incredible work
many UW Partners do in their local communities and for their chosen charities.
We were
delighted to announce and celebrate the first four winners at our recent Power
Up and
Amplify events this year.
Our ESG governance has been further enhanced by the continued leadership of
Carla Stent
in her role as ESG Board Champion, ensuring sustainability remains part of our
broader
business priorities.
Dividend & Capital Allocation
We continue to follow a progressive distribution policy, returning 80%-90% of
adjusted net income to shareholders over the medium term. The Board is
proposing to increase the interim dividend to 38p (H1 FY25: 37.0p). Our
underlying business remains highly cash-generative notwithstanding our
continuing strong and sustainable organic growth.
Board changes
Gemma Godfrey and Phil Bunker joined the Board as new independent
non-executive directors immediately following the AGM in August. Both have
strong entrepreneurial track records, and we expect Gemma and Phil to be
extremely valuable to the Board over the coming years. Bea Hollond stepped
down from the Board after nine years' service at the AGM, the Board would like
to thank Bea for her significant contribution to the Company during her
tenure. Suzi Williams has assumed the role of Senior Non-Executive Director
following Bea's departure. Andrew Blowers will be stepping down from the Board
in December and we thank him for his service and significant contribution over
the last nine years.
Outlook
UW remains in a unique position as the UK's only fully integrated platform
providing a broad range of subscription-style essential household services,
spanning energy, broadband, mobile and insurance. Our multiservice proposition
delivers long-term savings funded by the inherent efficiency of our integrated
platform, with significant and growing appeal. This sustainable cost advantage
sets us apart from our competitors, each of whom are focused on individual
market segments. With 96 out of every 100 UK households taking their essential
household services from one of these other suppliers, our growth opportunity
has barely been tapped.
Over the last 4 years, we have grown our customer numbers at an annualised
compound rate of 20%, spanning a period during which energy commodity prices
increased steeply and then fell sharply, before stabilising at or around
current levels. This gives us confidence in our ability to continue growing
our customer base at a compound annual double digit growth rate.
We remain focused on growing the size of the business to two million customers
(and beyond), with the following medium-term internal base case planning
assumptions:
● Annual percentage customer growth is expected to remain within the
10-15% range.
● Adjusted pre-tax profits are expected to increase broadly in line
with customer growth.
● Excess capital will be returned to shareholders through a
progressive dividend with a payout of between 80-90% of adjusted post-tax
profit.
For FY26 specifically, we anticipate that:
● Total customer growth will be around 25% (including the customers
transferred from TalkTalk), with continuing double digit organic customer
growth.
● Adjusted pre-tax profits will be within a range of £132m-£138m
which is slightly below the level of customer growth due to the one-off
headwinds from Ofgem's review of operating cost allowances within the energy
price cap and the increases in National Insurance and National Living Wage
announced in the budget last year.
● Dividend growth will be in line with our increased adjusted post-tax
profit.
Having continued our strong momentum in customer growth in the first half, we
are firmly on track to achieve our next milestone of two million customers
over the medium term, and we look forward to making significant further
progress towards this in the second half of the year.
Given on behalf of the Board
Stuart Burnett Nick Schoenfeld
Chief Executive Officer Chief Financial Officer
24 November 2025
Principal Risks and Uncertainties
Background
The Group faces various risk factors, both internal and external, which could
have a material impact on long-term performance. However, the Group's
underlying business model is considered relatively low risk, with no need for
management to take any disproportionate risks in order to preserve or generate
shareholder value.
The Group continues to enhance a consistent and systematic risk identification
and management process, which involves horizon scanning for emerging risks
(e.g. maintaining good relationships with industry bodies, consultants and
regulators to monitor key developments which might impact the Group,
monitoring relevant press commentary, and keeping abreast of the latest
threats in relation to cyber security through industry experts and
publications), risk ranking, prioritisation and subsequent evaluation, all
with a view to ensuring significant risks have been identified, prioritised
and (where possible) eliminated, and that systems of control are in place to
manage any remaining risks.
The directors have carried out a robust assessment of the Company's emerging
and principal risks. A formal document is prepared by the executive directors
and senior management team on a regular basis detailing the key risks faced by
the Group and the operational controls in place to mitigate those risks; this
document is then reviewed by the Audit and Risk Committee. Save as set out
below, the magnitude of any risks previously identified has not significantly
changed during the period.
Business model
The principal risks outlined below should be viewed in the context of the
Group's business model as a reseller of utility services (gas, electricity,
fixed line telephony, mobile telephony, broadband and insurance services)
under the Utility Warehouse and TML brands. As a reseller, the Group does not
own any of the network infrastructure required to deliver these services to
its customer base. This means that while the Group is heavily reliant on third
party providers, it is insulated from all the direct risks associated with
owning and/or operating such capital-intensive infrastructure itself.
The Group is able to secure the wholesale supply of all the services it offers
at competitive rates, enabling it to generate a consistently fair level of
profitability from delivering a great value bundled proposition to its
customers. There is an alignment of interests between the Group and its
wholesale suppliers which means that it is in the interests of the suppliers
to ensure that the Group remains competitive, driving growth and maximising
their benefit from our complementary route to market. Furthermore, the Group
benefits from a structural cost advantage, due to the multiple revenue streams
it receives from customers who take more than one service type, and only
having one set of overheads. The Group has alternative sources of wholesale
supply should an existing supplier become uncompetitive or no longer
available.
In relation to energy specifically (representing over 80% of revenues), the
Group's wholesale costs are calculated by reference to the Ofgem price cap,
which gives the Group considerable visibility over profit margins.
The Group mainly acquires new customers via word-of-mouth referrals from a
large network of independent Partners, who are paid predominantly on a
commission basis. This means that the Group has limited fixed costs associated
with acquiring new customers.
The principal specific risks arising from the Group's business model, and the
measures taken to mitigate those risks, are set out below.
Reputational risk
The Group's reputation amongst its customers, suppliers and Partners is
believed to be fundamental to the future success of the Group. Failure to meet
expectations in terms of the services provided by the Group, the way the Group
does business or in the Group's financial performance could have a material
negative impact on the Group's performance.
In developing new services, and in enhancing current ones, careful
consideration is given to the likely impact of such changes on existing
customers.
In relation to the service provided to its customer base, reputational risk is
principally mitigated through the Group's recruitment processes, a focus on
closely monitoring staff performance, including the use of direct feedback
surveys from customers (Net Promoter Score), and through the provision of
rigorous staff training.
Responsibility for maintaining effective relationships with suppliers and
Partners rests primarily with the appropriate member of the Group's senior
management team with responsibility for the relevant area. Any material
changes to supplier agreements and Partner commission arrangements which could
impact the Group's relationships are generally negotiated by the executive
directors and ultimately approved by the full Board.
Information technology risk
The Group is reliant on in-house developed and supported systems, and
third-party specialist platforms for the successful operation of its business
model. Any failure in the operation of these systems could negatively impact
service to customers, undermine Partner confidence, and potentially be
damaging to the Group's brand. Application software is developed and
maintained by the Group's Technology Team to support the changing needs of the
business using the best 'fit for purpose' tools and infrastructure.
Third-party systems have been selected based on industry performance and track
record, as well as the ability to support the Group's strategy and ongoing
compliance requirements, and are managed by specialists within the Technology
team.
The Technology team is made up of highly skilled, motivated and experienced
individuals. The Group has a dedicated information security team which
provides governance and oversight ensuring the confidentiality, availability
and integrity of the Group's systems and operations whilst ensuring that any
risks and vulnerabilities that arise are managed and mitigated.
Changes made to the systems are prioritised by the business, and product
managers work with their stakeholders to refine application and system
requirements. They work with the Technology teams undertaking the change to
ensure a proper understanding and successful outcome. Changes are tested as
extensively as reasonably practicable before deployment. Review and testing
are carried out at various stages of the development by both the Technology
team and the operational department who ultimately take ownership of the
system.
The Group has strategic control over the core customer and Partner platforms
including the software development frameworks and source code behind these key
applications. The Group also uses strategic third-party vendors to deliver
solutions outside of its core competency. This largely restricts our
counterparty risks to services that can be replaced with alternative vendors
if required, albeit this could lead to temporary disruption to the day-to-day
operations of the business.
Monitoring, backing up and restoring of the software and underlying data are
made on a regular basis. Backups are securely stored or replicated to
different locations. Disaster recovery facilities are provided through
cloud-based infrastructure as a service and, in critical cases, maintained in
a warm standby or active-active state to mitigate risk in the event of a
failure of the production systems.
Data privacy, information security and cyber security
The Group processes sensitive personal and commercial data, and in doing so is
required by law to protect customer and corporate information and data, as
well as to keep its infrastructure secure. A breach of security could result
in the Group facing prosecution and fines as well as loss of business from
damage to the Group's reputation. Recovery could be hampered due to any
extended period necessary to identify and recover a loss of sensitive
information and financial losses could arise from fraud and theft. Unplanned
costs could be incurred to restore the Group's security.
The Group has deployed a robust and industry-appropriate Group-wide layered
data privacy and information/cyber security strategy, providing effective
control to mitigate the relevant threats and risks. The Group is Payment Card
Industry (PCI) compliant and external consultants conduct regular penetration
testing of the Group's internal and external systems and network
infrastructure.
The Information Commissioner's Office (ICO) upholds information rights in the
public interest and, where required, companies within the Group are registered
as data controllers with the ICO. If any of the companies within the Group
fail to comply with privacy or data protection legislation or regulations,
then such Group company could be subject to ICO enforcement action (which
could include significant fines).
Information, data and cyber security risks are overseen by the Group's
Information Security and Legal & Compliance teams.
Fraud risk
Fraud has the potential to impact the Group from a financial, regulatory and
reputational perspective. To mitigate and control the risk of fraud effective
controls are in place to identify and reduce incidents of fraud, actively
investigate potential fraud, and report on fraud activity and trends both
internally and to our industry partners. Fraud risks are overseen by the
Group's Fraud Team which sits within Legal & Compliance.
Legislative and regulatory risk
The Group is subject to various laws and regulations. The energy,
telecommunications and financial services markets in the UK are subject to
comprehensive operating requirements as defined by the relevant sector
regulators and/or government departments.
Amendments to the regulatory regime could have an impact on the Group's
ability to achieve its financial goals and any material failure to comply may
result in the Group being fined and lead to reputational damage which could
impact the Group's brand and ability to attract and retain customers.
Furthermore, the Group is obliged to comply with retail supply procedures,
amendments to which could have an impact on operating costs.
The Group is a licensed gas and electricity supplier, and therefore has a
direct regulatory relationship with Ofgem. If the Group fails to comply with
its licence obligations, it could be subject to fines, operating restrictions,
or ultimately the removal of its respective licences.
The regulatory framework for the UK's energy retail market, as overseen by
Ofgem, is subject to continuous development. Any regulatory change could
potentially lead to a significant impact on the sector, and the net profit
margins available to energy suppliers. The extent of regulatory change
continues to be substantial, with Ofgem leading the industry through a range
of consumer, market and policy objectives.
In parallel, there are substantial industry-wide change programmes, such as
the continuing rollout of smart meters and a process towards routine
half-hourly electricity metering. Ofgem has also completed the implementation
of its Financial Resilience reforms, significantly increasing its oversight of
suppliers' financial health and operational sustainability, including a new
Capital Adequacy regime under which energy suppliers are required to maintain
a minimum level of net assets per dual fuel customer of £115. The Group is
currently compliant with this requirement.
The Group is also a supplier of telecommunications services and therefore has
a direct regulatory relationship with Ofcom. If the Group fails to comply with
its obligations, it could be subject to fines or lose its ability to operate.
The Group is closely engaged in the relevant forums and industry groups to
both influence and prepare for the changes.
Within the Group, Utility Warehouse Limited is authorised and regulated by the
Financial Conduct Authority (FCA) as an insurance broker for the purposes of
providing insurance products to customers. Utility Warehouse Limited also
offers a prepaid card product to customers, known as the "Cashback Card",
enabling them to benefit from cashback on purchases from various retailers. In
addition, Utilities Plus Limited holds consumer credit permissions related to
the provision of Partner loans and hire purchase agreements. Further, in 2023
UWI became authorised for insurance underwriting in Gibraltar by the Gibraltar
Financial Services Commission (GFSC). If the Group fails to comply with
FCA/GFSC regulations, it could be exposed to fines, customer redress and risk
losing its authorised status, severely restricting its ability to offer
financial services products to customers and consumer credit products to
Partners.
Regulatory changes relating to insurance pricing practices and the FCA's
Consumer Duty have had a significant impact on the financial services sector
as a whole. The business has worked to deliver the Board-approved
implementation plan and will continue to be informed by any clarifications and
additional guidance issued.
In general, as the majority of the Group's services are supplied to consumers
in highly regulated markets, this could restrict the operational flexibility
of the Group's business. In order to mitigate this risk, the Group seeks to
maintain appropriate relations with both Ofgem, the Department for Energy
Security and Net Zero, Ofcom, the FCA and the GFSC. The Group engages with
officials from all these organisations on a periodic basis to ensure they are
aware of the Group's views when they are consulting on proposed regulatory
changes.
Political and consumer concern over costs, vulnerable customers and fuel
poverty may lead to further reviews and result in additional consumer
protection legislation being introduced. Political and regulatory developments
affecting the energy, telecommunications and financial services markets within
which the Group operates may have a material adverse effect on the Group's
business, results of operations and overall financial condition. The Group is
also aware of and managing the impact of a developing regulatory landscape in
relation to climate change and the net zero transition.
To mitigate the risks from failure to comply with legislative requirements, in
an increasingly active regulatory landscape, the Group's Legal &
Compliance team has developed and rolled out robust policies and procedures,
undertakes regular training across the business, and continually monitors
legal and regulatory developments. The team also conducts compliance and
assurance tests on the policies and procedures.
Financing risk
The Group has debt service obligations which may place operating and financial
restrictions on the Group. This debt could have adverse consequences insofar
as it: (a) requires the Group to dedicate a proportion of its cash flows from
operations to fund payments in respect of the debt, thereby reducing the
flexibility of the Group to utilise its cash to invest in and/or grow the
business; (b) increases the Group's vulnerability to adverse general economic
and/or industry conditions; (c) may limit the Group's flexibility in planning
for, or reacting to, changes in its business or the industry in which it
operates; (d) may limit the Group's ability to raise additional debt in the
long-term; and (e) could restrict the Group from making larger strategic
acquisitions or exploiting business opportunities.
Each of these prospective adverse consequences (or a combination of some or
all of them) could result in the potential growth of the Group being at a
slower rate than may otherwise be achieved.
Bad debt risk
Whilst the Group's focus on multiservice homeowners acts as a mitigating
factor against bad debt, the Group has a universal supply obligation in
relation to the provision of energy to domestic customers. This means that
although the Group is entitled to request a reasonable deposit from potential
new customers who are not considered creditworthy, the Group is obliged to
supply domestic energy to everyone who submits a properly completed
application form. Where customers subsequently fail to pay for the energy they
have used, there is likely to be a considerable delay before the Group is able
to control its exposure to future bad debt from them by either switching their
smart meters to pre-payment mode, installing a pre-payment meter or
disconnecting their supply, and the costs associated with preventing such
customers from increasing their indebtedness are not always fully recovered.
Bad debt within the telephony industry may arise from customers using the
services, or being provided with a mobile handset, without intending to pay
their supplier. The amounts involved are generally relatively small as the
Group has sophisticated call traffic monitoring systems to identify material
occurrences of usage fraud. The Group is able to immediately eliminate any
further usage bad debt exposure by disconnecting any telephony service that
demonstrates a suspicious usage profile, or falls into arrears on payments.
Wholesale price risk
Whilst the Group acts as principal in most of the services it supplies to
customers, the Group does not own or operate any utility network
infrastructure itself, choosing instead to purchase the capacity needed from
third parties. The advantage of this approach is that the Group is largely
protected from technological risk, capacity risk or the risk of obsolescence,
as it can purchase the precise amount of each service required to meet its
customers' needs.
Whilst there is a theoretical risk that in some of the areas in which the
Group operates it may be unable to secure access to the necessary
infrastructure on commercially attractive terms, in practice the pricing of
access to such infrastructure is typically either regulated (as in the energy
market) or subject to significant competitive pressures (as in the telephony
and broadband markets). The profile of the Group's customers, the significant
quantities of each service they consume in aggregate, and the Group's clearly
differentiated route to market has historically proven attractive to
infrastructure owners, who compete aggressively to secure a share of the
Group's growing business.
The supply of energy has different risks associated with it. The wholesale
price can be extremely volatile, and customer demand can be subject to
considerable short-term fluctuations depending on the weather. The Group has a
long-standing supply relationship with E.ON (formerly npower) under which the
latter is responsible for undertaking the buying and hedging of the energy
supplied to the Group, and where the price paid by the Group to cover
commodity, balancing and certain other associated supply costs is set by
reference to the Ofgem published energy price cap, which is set at the start
of each quarter; this may not be competitive against the equivalent supply
costs incurred by new and/or other independent suppliers. However, if the
Group did not have the benefit of this long-term supply agreement it would
need to find alternative means of protecting itself from the pricing risk of
securing access to the necessary energy on the open market and the costs of
balancing.
Competitive risk
The Group operates in highly competitive markets and significant service
innovations by others or increased price competition could impact future
profit margins, growth rates and Partner productivity. In order to maintain
its competitive position, there is a consistent focus on improving operational
efficiency. New service innovations are monitored closely by senior management
and the Group is generally able to respond within an acceptable timeframe
where it is considered desirable to do so, by sourcing comparable features and
benefits using the infrastructure of its existing suppliers. The increasing
proportion of customers who are benefiting from the genuinely unique
multi-utility solution that is offered by the Group, and which is unavailable
from any other known supplier, further reduces any competitive threat.
The Directors anticipate that the Group will face continued competition in the
future as new companies enter the market and alternative technologies and
services become available. The Group's services and expertise may be
rendered obsolete or uneconomic by technological advances or novel approaches
developed by one or more of the Group's competitors. The existing approaches
of the Group's competitors or new approaches or technologies developed by such
competitors may be more effective or affordable than those available to the
Group. There can be no assurance that the Group will be able to compete
successfully with existing or potential competitors or that competitive
factors will not have a material adverse effect on the Group's business,
financial condition or results of operations. However, as the Group's customer
base continues to rise, competition amongst suppliers of services to the Group
is expected to increase. This has already been evidenced by various
volume-related growth incentives which have been agreed with some of the
Group's largest wholesale suppliers. This should also ensure that the Group
has direct access to new technologies and services available to the market.
Infrastructure risk
The provision of services to the Group's customers is reliant on the efficient
operation of third-party physical infrastructure. There is a risk of
disruption to the supply of services to customers through any failure in the
infrastructure, e.g. gas shortages, power cuts or damage to communications
networks. However, as the infrastructure is generally shared with other
suppliers, any material disruption to the supply of services is likely to
impact a large part of the market as a whole and it is unlikely that the Group
would be disproportionately affected. In the event of any prolonged disruption
isolated to the Group's principal supplier within a particular market,
services required by customers could in due course be sourced from another
provider.
The development of localised energy generation and distribution technology may
lead to increased peer-to-peer energy trading, thereby reducing the volume of
energy provided by nationwide suppliers. As a nationwide retail supplier, the
Group's results from the sale of energy could therefore be adversely affected.
Similarly, the construction of 'local monopoly' fibre telephony networks to
which the Group's access may be limited as a reseller could restrict the
Group's ability to compete effectively for customers in certain areas.
Smart meter rollout risk
The Group is reliant on third party suppliers to fully deliver its smart meter
rollout programme effectively. In the event that the Group suffers delays to
its smart meter rollout programme, the Group may be in breach of its
regulatory obligations and therefore become subject to fines from Ofgem. In
order to mitigate this risk, the Group dual-sources (where practicable) the
third-party metering and related equipment they use.
The Group may also be indirectly exposed to reputational damage and litigation
from the risk of technical complications arising from the installation of
smart meters or other acts or omissions of meter operators, e.g. the escape of
gas in a customer's property causing injury or death. The Group mitigates
this risk through using established, reputable third-party suppliers.
Energy industry estimation risk
A significant degree of estimation is required in order to determine the
actual level of energy used by customers and hence what should be recognised
by the Group as sales. There is an inherent risk that the estimation routines
used by the Group to recognise sales do not in all instances fully reflect the
actual usage of customers. However, this risk is mitigated by the relatively
high proportion of customers who provide meter readings on a periodic basis,
and the high level of penetration the Group has achieved in its installed base
of smart meters.
Gas leakage within the national gas distribution network
The operational management of the national gas distribution network is outside
the control of the Group, including the management of gas leakage from the
network, however in common with all other licensed domestic gas suppliers the
Group is responsible for meeting its pro-rata share of the total leakage cost.
There is a risk that the level of leakage in future could be higher than
historically experienced, and above the level currently expected.
Underwriting risk
Operating our own in-house insurer requires taking on some underwriting risk.
We largely mitigate these risks through: (i) migrating highly predictable
existing lines of business, for which we have several years of trading
history, and have already achieved sufficient scale to maintain low volatility
and predictable returns; (ii) targeting conservative returns on capital
through a risk-averse investment strategy; (iii) where appropriate, using
conservative levels of reinsurance, including protection for catastrophe risks
such as storm, flood and freeze; (iv) using real-time and proprietary data,
such that we are aware of all risks incepted in real time, and are able to
price risks accurately, and manage overall portfolio exposure; and (v)
maintaining and growing our existing home insurance panel, such that our
in-house insurer can selectively target risk profiles that are suitable for
our balance sheet (e.g. houses with lower rebuild cost and not adversely
exposed to catastrophe (CAT) perils).
Acquisition risk
The Group may invest in other businesses, taking a minority, majority or 100%
equity shareholding, or through a joint venture partnership. The Group may
also acquire batches of customer contracts from other suppliers. Such
acquisitions may not deliver the anticipated returns (e.g. through the
increased cross-selling of services), and may require additional funding in
future. This risk is mitigated through conducting appropriate pre-acquisition
due diligence where relevant.
Climate change risk
Climate change has the potential to significantly impact the future of our
planet. Everyone has a role to play in reducing the effects of harmful
greenhouse gas emissions in our atmosphere and ensuring that we meet a 1.5°C
target in line with the Paris Agreement. No business is immune from the risks
associated with climate change as it acts as a driver of other risks and
impacts government decision-making, consumer demand and supply chains.
Development of climate-related policy, regulatory changes and shifts in
consumer sentiment could impact on the Group's ability to achieve its
financial goals and result in increased compliance costs or reputational
damage.
In recognition of this, climate change risk is integrated into the Group's
risk management framework. Climate change is designated as a standalone
principal risk for the business and the Legal & Compliance Director is
assigned as the owner for managing this risk. It is designated as a controlled
risk due to the Group's agile reseller business model which means the business
is strategically resilient as it is able to respond quickly to climate change
developments and is insulated from more severe direct physical risks. The risk
is further mitigated through the Group's approach to understanding and
monitoring the developments and the impacts from climate change. The
Environmental Social and Governance (ESG) Strategy Committee, consisting of
the ESG Board Champion, CEO, CFO, Company Secretary, Executive Leadership Team
and senior management is updated by the ESG Working Group on climate issues.
Climate issues are then assessed and used to inform the Group's strategy as
needed. We have a dedicated Head of Sustainability and continue to use
external specialists as needed.
The Group is committed to achieving net zero greenhouse gas emissions. In FY23
we evaluated our emissions and target against recognised standards. We
modelled our emissions trajectory and used credible assumptions on external
factors that, as a reseller, will strongly influence the Group's
decarbonisation ability including our key suppliers' decarbonisation plans and
the UK government's published projections about the decarbonisation trajectory
of the UK energy grid.
Based on this analysis we committed to our target to be Net Zero on or before
2050, across scopes 1, 2 and 3 to allow us to implement a credible
science-based plan by aligning with the UK government and our key suppliers.
We set an interim target to reduce emissions by 63% across Scopes 1, 2, and 3
by 2035, from an FY22 emissions baseline, in line with a 1.5c world. The Group
will have its targets validated by the Science-Based Targets Initiative
(SBTi), following finalisation of its revised corporate reporting standard,
and will track and disclose progress against them.
The Group remains committed to continuing to implement the recommendations of
the Task Force on Climate-related Financial Disclosures (TCFD), as well as the
requirements of the Companies Act 2006 as amended by the Companies (Strategic
Report) (Climate-related Financial Disclosure) Regulations 2022, and we
continue to monitor the development of new climate reporting regulations.
Directors' Responsibilities
The Directors are responsible for the preparation of the condensed set of
financial statements and interim management report comprising this set of
Half-Yearly Results for the six months ended 30 September 2025, each of whom
accordingly confirms that to the best of their knowledge:
● the condensed set of financial statements has been
prepared in accordance with IAS 34 "Interim Financial Reporting" and provides
a true and fair view of the assets, liabilities, financial position and profit
of the Group as a whole;
● the interim management report includes a fair review of
the information required by the Financial Statements Disclosure Guidance and
Transparency Rules (DTR) 4.2.7R (indication of important events during the
first six months and their impact on the financial statements and description
of principal risks and uncertainties for the remaining six months of the
year); and
● the interim management report includes a fair review of
the information required by DTR 4.2.8R (disclosures of related party
transactions and changes therein).
The Directors of Telecom Plus PLC are:
Charles Wigoder Non-Executive Chairman
Stuart Burnett Chief Executive
Officer
Nick Schoenfeld Chief Financial Officer
Suzi Williams Senior
Non-Executive Director
Beatrice Hollond Senior Non-Executive
Director (Resigned 6 August 2025)
Andrew Blowers Non-Executive Director
Phil Bunker
Non-Executive Director (Appointed 6 August 2025)
Gemma Godfrey Non-Executive Director
(Appointed 6 August 2025)
Bindi Karia
Non-Executive Director
Carla Stent
Non-Executive Director
Independent Review Report to Telecom Plus PLC
Conclusion
We have been engaged by the company to review the condensed set of financial
statements in the half-yearly financial report for the six months ended 30
September 2025 which comprises the condensed consolidated interim statement of
comprehensive income, the condensed consolidated interim statement of
financial position, the condensed consolidated interim statement of cash
flows, the condensed consolidated interim statement of changes in
shareholders' equity and the related explanatory notes.
Based on our review, nothing has come to our attention that causes us to
believe that the condensed set of financial statements in the half-yearly
financial report for the six months ended 30 September 2025 is not prepared,
in all material respects, in accordance with IAS 34 Interim Financial
Reporting as adopted for use in the UK and the Disclosure Guidance and
Transparency Rules ("the DTR") of the UK's Financial Conduct Authority ("the
UK FCA").
Basis for conclusion
We conducted our review in accordance with International Standard on Review
Engagements (UK) 2410 Review of Interim Financial Information Performed by the
Independent Auditor of the Entity ("ISRE (UK) 2410") issued for use in the
UK. A review of interim financial information consists of making enquiries,
primarily of persons responsible for financial and accounting matters, and
applying analytical and other review procedures. We read the other
information contained in the half-yearly financial report and consider whether
it contains any apparent misstatements or material inconsistencies with the
information in the condensed set of financial statements.
A review is substantially less in scope than an audit conducted in accordance
with International Standards on Auditing (UK) and consequently does not enable
us to obtain assurance that we would become aware of all significant matters
that might be identified in an audit. Accordingly, we do not express an
audit opinion.
Conclusions relating to going concern
Based on our review procedures, which are less extensive than those performed
in an audit as described in the Basis of conclusion section of this report,
nothing has come to our attention that causes us to believe that the directors
have inappropriately adopted the going concern basis of accounting, or that
the directors have identified material uncertainties relating to going concern
that have not been appropriately disclosed.
This conclusion is based on the review procedures performed in accordance with
ISRE (UK) 2410. However, future events or conditions may cause the group to
cease to continue as a going concern, and the above conclusions are not a
guarantee that the group will continue in operation.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and has been
approved by, the directors. The directors are responsible for preparing the
half-yearly financial report in accordance with the DTR of the UK FCA.
The annual financial statements of the group are prepared in accordance with
UK-adopted international accounting standards.
The directors are responsible for preparing the condensed set of financial
statements included in the half-yearly financial report in accordance with IAS
34 as adopted for use in the UK.
In preparing the condensed set of financial statements, the directors are
responsible for assessing the group's ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to
liquidate the group or to cease operations, or have no realistic alternative
but to do so.
Our responsibility
Our responsibility is to express to the company a conclusion on the condensed
set of financial statements in the half-yearly financial report based on our
review. Our conclusion, including our conclusions relating to going concern,
are based on procedures that are less extensive than audit procedures, as
described in the Basis for conclusion section of this report.
The purpose of our review work and to whom we owe our responsibilities
This report is made solely to the company in accordance with the terms of our
engagement to assist the company in meeting the requirements of the DTR of the
UK FCA. Our review has been undertaken so that we might state to the company
those matters we are required to state to it in this report and for no other
purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the company for our review work, for this
report, or for the conclusions we have reached.
Mark Wrigglesworth
for and on behalf of KPMG LLP
Chartered Accountants
15 Canada Square
London E14 5GL
United Kingdom
24 November 2025
Condensed Consolidated Interim Statement of Comprehensive Income
Note 6 months ended 30 September 2025 (unaudited) 6 months ended 30 September 2024 (unaudited) Year
£'000 £'000 ended
31 March 2025 (audited)
£'000
Revenue 744,485 697,750 1,838,156
Cost of sales (586,853) (529,935) (1,480,088)
Gross profit 157,632 167,815 358,068
Distribution expenses (21,807) (24,424) (45,657)
Administrative expenses - other (78,798) (77,804) (144,356)
Restructuring costs - - (5,717)
Share incentive scheme charges (2,336) (1,536) (3,409)
Amortisation of energy supply contract intangible 6 (5,614) (5,614) (11,228)
Total administrative expenses (86,748) (84,954) (164,710)
Impairment loss on trade receivables (19,809) (15,138) (33,389)
Other income 683 780 1,579
Operating profit 29,951 44,079 115,891
Financial income 1,619 1,477 3,161
Financial expenses (7,010) (6,570) (13,103)
Net financial expense (5,391) (5,093) (9,942)
Profit before taxation 24,560 38,986 105,949
Taxation (6,854) (11,358) (29,852)
Profit for the period 17,706 27,628 76,097
Basic earnings per share 9 22.2p 35.1p 96.3p
Diluted earnings per share 9 22.0p 34.8p 95.1p
Interim dividend per share 38.0p 37.0p -
Condensed Consolidated Interim Balance Sheet
As at As at
30 September
31 March
2025 As at
2025
(unaudited)
30 September
(audited)
2024
(unaudited)
Assets Note £'000 £'000 £'000
Non-current assets
Property, plant and equipment 22,015 25,213 23,523
Investment property 5 7,824 7,969 7,895
Intangible assets 6 169,973 132,491 133,415
Goodwill 3,742 3,742 3,742
Other non-current assets 75,627 63,363 68,335
Total non-current assets 279,181 232,778 236,910
Current assets
Inventories 3,665 3,019 3,200
Trade and other receivables 114,604 103,505 118,377
Current tax receivable 12,515 3,907 3,049
Accrued income 121,264 92,740 236,798
Prepayments 13,064 79,507 32,466
Costs to obtain contracts 27,271 23,542 26,574
Cash and cash equivalents 90,888 70,824 79,020
Total current assets 383,271 377,044 499,484
Total assets 662,452 609,822 736,394
Current liabilities
Trade and other payables (43,004) (48,015) (48,731)
Accrued expenses and deferred income (151,982) (147,843) (239,803)
Total current liabilities (194,986) (195,858) (288,534)
Non-current liabilities
Long term borrowings 7 (232,004) (181,891) (191,717)
Lease liabilities (2,769) (3,562) (3,168)
Deferred tax (1,129) (556) (1,465)
Total non-current liabilities (235,902) (186,009) (196,350)
Total assets less total liabilities 231,564 227,955 251,510
Equity
Share capital 4,067 4,031 4,042
Share premium 167,100 158,767 161,491
Capital redemption reserve 107 107 107
Treasury shares (15,688) (15,688) (15,688)
JSOP reserve (1,150) (1,150) (1,150)
Retained earnings 77,128 81,888 102,708
Total equity 231,564 227,955 251,510
Condensed Consolidated Interim Cash Flow Statement
6 months Year
ended
ended
Note
30 September 6 months
31 March
2025
ended
2025
(unaudited)
30 September
(audited)
2024
(unaudited)
£'000 £'000 £'000
Operating activities
Profit before taxation 24,560 38,986 105,949
Adjustments for:
Net financial expense 5,391 5,093 9,942
Depreciation of property, plant and equipment 1,721 1,989 3,938
Profit on disposal of fixed assets (2) - -
Amortisation of intangible assets and impairment 6 11,800 9,309 19,140
Share incentive scheme charges 2,336 1,536 3,409
Amortisation of debt arrangement fees 317 382 792
Corporation tax paid (16,654) (15,625) (31,250)
(Increase)/decrease in inventories (465) 730 549
Decrease/(increase) in trade and other receivables 130,618 52,584 (55,111)
(Decrease)/increase in trade and other payables (95,007) (41,393) 51,390
Net cash flow from operating activities 64,615 53,591 108,748
Investing activities
Purchase of property, plant and equipment (146) (189) (393)
Purchase of intangible assets 6 (48,358) (6,015) (16,770)
Prepayment of purchase of customer contracts - - (11,971)
Interest received 1,720 1,485 3,056
Cash flow from investing activities (46,784) (4,719) (26,078)
Financing activities
Dividends paid 8 (45,459) (37,145) (66,437)
Interest paid (5,518) (6,595) (14,400)
Interest paid on lease liabilities (33) (48) (85)
Drawdown of long-term borrowing facilities 60,000 30,000 55,000
Repayment of long-term borrowing facilities (20,000) (25,000) (40,000)
Fees associated with borrowing facilities (30) - (584)
Repayment of lease liabilities (399) (399) (794)
Issue of new ordinary shares 9 5,476 3,310 5,821
Cash flow from financing activities (5,963) (35,877) (61,479)
Increase/(decrease) in cash and cash equivalents 11,868 12,995 21,191
Net cash and cash equivalents at the beginning of the year 79,020 57,829 57,829
Net cash and cash equivalents at the year end 90,888 70,824 79,020
Condensed Consolidated Interim Statement of Changes in Equity
Share Share premium Capital redemption reserve Retained earnings Total
capital
Treasury shares JSOP
reserve
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance at 1 April 2024 4,007 151,553 107 (15,688) (1,150) 93,802 232,631
- - - - - 27,628 27,628
Profit and total comprehensive income for the period
Dividends - - - - - (37,145) (37,145)
Debit arising on share options - - - - - (2,392) (2,392)
Deferred tax on share options - - - - - (5) (5)
Issue of new ordinary shares 24 7,214 - - - - 7,238
Balance at 30 September 2024 4,031 158,767 107 (15,688) (1,150) 81,888 227,955
Balance at 1 October 2024 4,031 158,767 107 (15,688) (1,150) 81,888 227,955
- - - - - 48,469 48,469
Profit and total comprehensive income for the period
Dividends - - - - - (29,292) (29,292)
Credit arising on share options - - - - - 5,801 5,801
Deferred tax on share options - - - - - (6) (6)
Issue of new ordinary shares 11 2,724 - - - (4,152) (1,417)
Balance at 31 March 2025 4,042 161,491 107 (15,688) (1,150) 102,708 251,510
Balance at 1 April 2025 4,042 161,491 107 (15,688) (1,150) 102,708 251,510
- - - - - 17,706 17,706
Profit and total comprehensive income for the period
Dividends - - - - - (45,459) (45,459)
Credit arising on share options - - - - - 2,336 2,336
Deferred tax on share options - - - - - (5) (5)
Issue of new ordinary shares 25 5,609 - - - (158) 5,476
Balance at 30 September 2025 4,067 167,100 107 (15,688) (1,150) 77,128 231,564
Notes to the Condensed Interim Financial Statements
1. Basis of preparation
The condensed consolidated interim financial statements presented in this
half-year report ("the Half-Year Results") have been prepared in accordance
with IAS 34 as adopted for use in the UK. The principal accounting policies
adopted in the preparation of the condensed consolidated financial statements
are unchanged from those used in the annual report for the year ended 31 March
2025, and are consistent with those that the Company expects to apply in its
financial statements for the year ended 31 March 2026.
The condensed consolidated financial statements for the year ended 31 March
2025 presented in this half-year report do not constitute the Company's
statutory accounts for that period. The condensed consolidated financial
statements for that period have been derived from the Annual Report and
Accounts of Telecom Plus PLC. The Annual Report and Accounts of Telecom Plus
PLC for the year ended 31 March 2025 were audited and have been filed with the
Registrar of Companies.
The Independent Auditor's Report on the Annual Report and Accounts of Telecom
Plus PLC for the year ended 31 March 2025 was unqualified and did not draw
attention to any matters by way of emphasis and did not contain statements
under s498(2) or (3) of the Companies Act 2006. The financial information for
the periods ended 30 September 2025 and 30 September 2024 is unaudited but has
been subject to a review by the Company's auditor.
Seasonality of business: amounts reported in the half year period may not be
indicative of the amounts that will be reported for the full year due to
seasonal fluctuations in customer demand for gas and electricity. In respect
of the energy supplied by the Group, approximately two thirds is consumed by
customers in the second half of the financial year.
Under the revised energy supply arrangements which were effective from 1
December 2013, E.ON (formerly npower) is responsible for energy volume
purchases and for carrying out any hedging required, thus protecting the
Company from short term wholesale price movements. The agreement also allows
the Company to match the payment profile for wholesale energy to E.ON to the
collections from its customers each month. This includes customers who pay for
their energy in equal monthly instalments throughout the year, thereby
avoiding significant seasonal cashflow swings.
The Half-Year Results were approved for issue by the Board of Directors on 24
November 2025.
2. Going concern
Recent developments in the Group's business activities, together with the
factors likely to affect its future development, performance and financial
position are set out above.
As at 30 September 2025 the Group had revolving credit facilities of £205.0
million with Barclays Bank PLC, Lloyds Bank PLC, HSBC Bank PLC and Danske Bank
PLC for the period to 17 November 2028. As at 30 September 2025, £108.6
million of this facility was drawn down and the Company had a cash balance of
£90.9 million. The Company has £75.0 million of private placement debt
provided by Pricoa and MetLife which matures in November 2030 and £50.0
million for the period to March 2032. The Group remains in compliance with the
relevant covenants of these facilities, details of which are set out in Note
15 of the 2025 Annual Report.
As a result of its wholesale supply agreement with E.ON the Group is not
directly exposed to short-term fluctuations in the energy wholesale markets
with E.ON undertaking the required hedging. E.ON also fund the principal
seasonal working capital requirements relating to the supply of energy to the
Group's customers, and therefore the Group is not directly exposed to
short-term fluctuations in the energy wholesale markets. The Group also
currently remains compliant with Ofgem's capital adequacy requirements.
The Group has considerable financial resources together with a large and
diverse retail and small business customer base and long-term contracts with a
number of key suppliers. As a consequence, the Directors believe that the
Group is well placed to manage its business risks.
The Directors have prepared base and sensitised forecasts for a period of at
least 12 months from the date of authorisation of these financial statements,
including the effect of severe, but plausible, downside scenarios, such as
increased bad debt. Those forecasts indicate that the Group can continue to
operate within the terms of its existing bank facilities. Furthermore, the
Directors have considered the possibility of taking mitigating action, such as
the temporary reduction or cancellation of the annual dividend, in the event
of any severe but plausible scenarios.
On this basis the Directors have a reasonable expectation that the Group has
adequate resources to continue in operational existence for at least 12 months
from the date of the approval of the interim financial statements. The interim
financial statements have therefore been prepared on a going concern basis.
3. Judgements and estimates
The preparation of the condensed consolidated interim financial statements
requires management to make judgements, estimates and assumptions that affect
the application of policies and reported amounts of assets and liabilities,
income and expenses. The estimates and associated assumptions are based on
historical experience and various other factors that are believed to be
reasonable under the circumstances, the results of which form the basis of
making judgments about carrying values of assets and liabilities that are not
readily apparent from other sources. Actual results may differ from these
estimates. The estimates and underlying assumptions are reviewed on an ongoing
basis. Revisions to accounting estimates are recognised in the period in which
the estimate is revised and in future periods if applicable.
In preparing these condensed consolidated interim financial statements, the
significant judgements made by management in applying the group's accounting
policies and the key sources of estimation uncertainty were the same as those
that applied to the consolidated financial statements as at and for the year
ended 31 March 2025.
4. Alternative performance measures
In order to provide a clearer presentation of the underlying performance of
the group, adjusted EBITDA, adjusted profit before tax and adjusted basic EPS
exclude share incentive scheme charges, restructuring charges and the
amortisation of the intangible asset arising from entering into the energy
supply arrangements with E.ON (formerly npower) in December 2013; this
decision reflects both the relative size and non-cash nature of these
charges. Restructuring costs mainly comprise the costs of a Group-wide staff
redundancy programme carried out during the financial year ended 31 March
2025.
6 months ended 30 September 2025 (unaudited) 6 months ended 30 September 2024 (unaudited) Year ended 31 March 2025 (audited)
£'000 £'000 £'000
Statutory profit before tax 24,560 38,986 105,949
Adjusted for:
Amortisation of energy supply contract intangible assets 5,614 5,614 11,228
Share incentive scheme charges 2,336 1,536 3,409
Restructuring costs - - 5,717
Adjusted profit before tax 32,510 46,136 126,303
Adjusted EBITDA
Rolling 12 months ending 30 September 2025 (unaudited) Rolling 12 months ending 30 September 2024 (unaudited)
Year ended 31 March 2025 (audited)
£'000 £'000 £'000
Operating profit 101,763 113,119 115,891
Adjusted for:
Depreciation, amortisation and impairment 25,301 22,278 23,078
EBITDA 127,064 135,397 138,969
Restructuring costs 5,717 - 5,717
Share incentive scheme charges 4,209 4,323 3,409
Adjusted EBITDA 136,990 139,720 148,095
Net debt/Adjusted EBITDA ratio
Year ended 31 March 2025 (audited)
30 September 2025 (unaudited) 30 September 2024 (unaudited)
£'000 £'000 £'000
Long-term borrowings (232,004) (181,891) (191,717)
Lease liabilities (2,769) (3,562) (3,168)
Less:
Cash on balance sheet 90,888 70,824 79,020
Net debt (143,885) (114,629) (115,865)
Adjusted EBITDA 136,990 139,720 148,095
Net debt/adjusted EBITDA 1.1x 0.8x 0.8x
5. Investment property
Investment properties are properties which are held either to earn rental
income or for capital appreciation or for both. Investment properties are
stated at cost less accumulated depreciation.
Rental income from investment properties is accounted for on an accruals
basis. The operation of the Company were transferred into new head offices
at Merit House in 2015 and the former head office building, Southon House, was
vacated. Southon House is held as an investment property and separately
disclosed on the balance sheet of the Company with a book value of £7.8m.
An independent valuation of Southon House was conducted on 7 May 2024 in
accordance with RICS Valuation - Global Standards effective from 31 January
2022 (the Red Book). The independent market value of Southon House was
determined to be £10.6 million and has been categorised as a Level 3 fair
value based on the inputs to the valuation technique used. The valuation was
prepared on a Market Value basis as defined in the Valuation Standards and was
primarily derived from using comparable market transactions carried out on an
arm's length basis. These inputs are deemed unobservable. The Directors
believe that there have not been any material changes in circumstances that
would lead to a significant reduction in the market valuation of Southon House
from £10.6m.
6. Intangible assets
Energy Supply Contract Customer Contracts IT Software & Web Development
Total
£'000 £'000 £'000 £'000
Cost
At 31 March 2025 224,563 5,298 65,543 295,404
Additions - 40,740 7,618 48,358
At 30 September 2025 224,563 46,038 73,161 343,762
Amortisation
At 31 March 2025 (127,251) - (34,738) (161,989)
Charge for the period (5,614) (1,792) (4,394) (11,800)
At 30 September 2025 (132,865) (1,792) (39,132) (173,789)
Net book amounts
At 30 September 2025 (unaudited) 91,698 44,246 34,029 169,973
At 31 March 2025 (audited) 97,312 5,298 30,805 133,415
At 30 September 2024 (unaudited) 102,926 - 29,565 132,491
The Energy Supply Contract intangible asset relates to the entering into of
the energy supply arrangements with E.ON (formerly npower) on improved
commercial terms through the acquisition of Electricity Plus Supply Limited
and Gas Plus Supply Limited from Npower Limited having effect from 1 December
2013. The intangible asset is being amortised evenly over the 20-year life
of the energy supply agreement.
The IT Software & Web Development intangible asset relates to the
capitalisation of certain costs associated with the development of new IT
systems.
7. Interest bearing loans and borrowings
6 months ended 30 September 2025 (unaudited) 6 months ended 30 September 2024 (unaudited)
Year ended 31 March 2025 (audited)
£'000 £'000 £'000
Bank loans and private placement loans 233,550 183,550 193,550
Unamortised loan arrangement fees (1,546) (1,659) (1,833)
232,004 181,891 191,717
Due within one year - - -
Due after one year 233,550 183,550 193,550
233,550 183,550 193,550
8. Dividends
6 months 6 months Year
ended
ended
ended
30 September
30 September
31 March
2025
2024
2025
(unaudited)
(unaudited)
(audited)
£'000 £'000 £'000
Final dividend for the year ended 31 March 2025 of 57p per share 45,459 - -
Final dividend for the year ended 31 March 2024 of 47p per share - 37,145 37,145
Interim dividend for the year ended 31 March 2025 of 37p per share (2024: 36p) - - 29,292
An interim dividend of 38.0p per share will be paid on 19 December 2025 to
shareholders on the register at close of business on 5 December 2025. The
estimated amount of this dividend to be paid is approximately £30.4m and, in
accordance with IFRS accounting requirements, has not been recognised in these
accounts.
9. Earnings per share
The calculation of basic and diluted earnings per share ("EPS") is based on
the following data:
6 months 6 months Year
ended
ended
ended
30 September
30 September
31 March
2025
2024
2025
(unaudited)
(unaudited)
(audited)
£'000 £'000 £'000
Earnings for the purpose of basic and diluted EPS 17,706 27,628 76,097
Share incentive scheme charges (net of tax) 1,762 1,150 2,566
Restructuring costs (net of tax) - - 4,288
Amortisation of energy supply contract intangible assets 5,614 5,614 11,228
Earnings for the purpose of adjusted basic and diluted EPS 25,082 34,392 94,179
Number Number Number
('000s) ('000s) ('000s)
Weighted average number of ordinary shares for the purpose of basic EPS 79,626 78,806 79,002
Effect of dilutive potential ordinary shares (share incentive awards) 954 697 1,042
Weighted average number of ordinary shares for the purpose of diluted EPS 80,580 79,503 80,044
Adjusted basic EPS 1 (#_ftn1) 31.5p 43.6p 119.2p
Basic EPS 22.2p 35.1p 96.3p
Adjusted diluted EPS1 31.1p 43.3p 117.7p
Diluted EPS 22.0p 34.8p 95.1p
1 (#_ftnref1) In order to provide a clearer understanding of the
underlying trading performance of the Group, adjusted basic EPS excludes:
(i) share incentive scheme charges; and (ii) the amortisation of intangible
assets arising on entering into the energy supply
arrangements with E.ON (formerly npower) in December 2013 and restructuring
costs. The amortisation of intangible assets and share incentive scheme
charges have been excluded on the basis that they represent non-cash
accounting charges. In 2025 it has also been deemed appropriate to exclude
restructuring costs given the one-off non-recurring nature of these charges.
These balances are derived directly from amounts shown separately on the face
of the condensed consolidated interim statement of comprehensive income and
adjusted for tax where appropriate.
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