Telecom Plus Passes One Million Customer Milestone

We are pleased to announce that Telecom Plus PLC (trading as Utility Warehouse or UW), which supplies a wide range of utility services focused on domestic customers, has passed the one million customer milestone.

Over the last 25 years, the business has demonstrated its ability to grow its customer base organically in all market conditions, due to the unique combination of its multiservice customer offering and word of mouth route to market.

With the return of rational and healthy competition to the energy market, we are confident in our ability to maintain market-leading tariffs across all our services as we set our sights on doubling the size of the business to 2 million customers.

We continue to trade strongly in line with market expectations for the full year.

Commenting on today's announcement, Stuart Burnett, Co-CEO said:

"We are now helping more than one million households to stop wasting time and money on their household bills, demonstrating the ongoing strength of our unique business model. Our sights are now firmly set on doubling the business from 1 million to 2 million customers through a combination of the market-leading savings customers receive when they take multiple services from us, and the meaningful additional income partners earn from recommending these savings to their friends and family."

Consensus adjusted Profit Before Tax for the year ending 31 March 2024 is £113.2 million, with a range of £110.1 million to £116.3 million.