Telecom Plus (LON:TEP), trading as the Utility Warehouse, the UK’s only fully integrated provider of a wide range of competitively priced utility services spanning both the communications and energy markets, has announced its half-year results for the six months ended 30 September 2019.
● Revenue up 13.6% to £353m (2018: £311m)
● Adjusted profit before tax up 5.9% to £27.5m (2018: £26.0m)
● Statutory profit before tax up 9.2% to £21.1m (2018: £19.3m)
● Interim dividend increased by 8% to 27p per share (2018: 25p)
● Encouraging organic growth in line with expectations
● Customer numbers for the period up by 10,267 (2018: 10,479) to 645,306
● Total services supplied for the period up by 92,519 (2018: 86,372) to 2,624,543
● Glow Green (boilers) and UWHS (smart meters) rapidly gaining momentum
Commenting on today’s results, Andrew Lindsay, Telecom Plus Chief Executive, said:
“Growth during the first half of the financial year saw a continuation of the encouraging performance we achieved during the corresponding period last year, with similar increases in both customer and service numbers. Our competitive position has recently improved following the reduction in the energy price cap from 1 October 2019, which will help drive an acceleration in growth during H2.
“In contrast to the majority of other energy suppliers, we remain both profitable and cash generative; revenues and profits have both reached record levels, and our balance sheet remains robust.
“I am particularly pleased at the progress within two of our most recent business initiatives, Glow Green and UWHS; each of these is delivering accelerating growth in the number of boilers and smart meters they are installing respectively.
“Over the last 10 weeks we have seen a significant increase in the number of new Partners joining the business; this is an encouraging lead indicator for the rate of future customer growth over the coming months. We look forward to building on the current strong momentum, and delivering full-year adjusted profits of £60m-£65m in line with the guidance previously provided.”