Telecom Plus (TEP)

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Share Price:
887.00p
Market Cap:
£691.48m
Change Today:
32.00p
Sector:
Electricity Generation and Distribution

Telecom Plus flags continued robust growth in first half

By Josh White

Date: Thursday 03 Oct 2024

LONDON (ShareCast) - (Sharecast News) - Telecom Plus reported continued robust growth in customer numbers in a first-half update on Thursday, with a rise of 67,000 customers in the six months ended 30 September.
The FTSE 250 firm, which trades as Utility Warehouse, said that represented an annualised growth rate of over 13%, bringing the total number of services supplied to 3.266 million.

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

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

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

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

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

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

Burnett said that was "is ever more important" for customers heading into winter, helping to offset the recent increase in the energy price cap.

"With a new market-leading EV and full fibre broadband offering, our partners have even more ways to help their friends and family to save, whilst building a valuable long-term additional income for themselves."

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

Reporting by Josh White for Sharecast.com.

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

Telecom Plus Market Data

Currency UK Pounds
Price 887.00p
Change Today 32.00p
52 Week High 1,892.00p
52 Week Low 710.00p
Volume 460,826
Shares Issued 77.96m
Market Cap £691.48m

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