Utility Warehouse group Telecom Plus post record growth year ending March 2023

“An exceptional performance with record revenues, profits and customer growth” Telecom Plus PLC (trading as Utility Warehouse and UW), the UK’s only supplier of bundled household utility services, today issues its final results for the year ended 31 March 2023.

Financial Highlights

  • Revenues increased to £2,475.2 million (2022: £967.4m)
  • Adjusted pre-tax profit up 55% to £96.2 million (2022: £61.9m)
  • Adjusted EPS up 57% to 99.2p (2022: 63.2p)
  • Statutory pre-tax profit up 81% to £85.5 million (2022: £47.2m)
  • Statutory EPS up 92% to 86.6p (2022: 45.1p)
  • Full year dividend of 80p (2022: 57p) per share
    Operational Highlights
  • Record organic growth
  • 22% increase in customers, taking our total base to 886,579 (2022: 728,680)
  • 24% increase in number of services supplied to 2.8 million (2022: 2.3 million)
  • Sustainable multiservice cost advantage enabled us to save our customers over £30m on their energy bills alone
    during the year
  • Insurance business more than doubled to over 100,000 policies
  • Ranked top supplier in Uswitch Energy Awards for ‘Best Customer Service’ and ‘Most Likely to Recommend’; 3rd
    in Which? Broadband Satisfaction survey
  • 25% increase in Partner numbers to almost 60,000 (2022: 48,000) reflecting ongoing strong interest in our income opportunity as cost of living pressures continue to be felt by UK households
  • Comfortable double-digit annual percentage customer growth, leading to a broadly corresponding increase in
    adjusted pre-tax profits
  • Ongoing investment in our services, people and technology with new specialist customer support hubs in Burnley
    and Selkirk
  • Positioned to scale our insurance business with establishment of in-house broker and insurer

Full report can be found here

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