TIDMTEP
RNS Number : 4514B
Telecom Plus PLC
03 October 2022
3 October 2022
Telecom Plus PLC
Trading Update and Notice of Res ults
"Record number of UK households joining UW to save on their
bills"
Telecom Plus PLC (trading as Utility Warehouse), which supplies
a wide range of utility services focussed on domestic customers,
today issues a pre-close trading update for the six-month period
ending 30 September 2022.
-- Organic growth accelerated during H1, with a record number of
UK households joining UW to save on their bills. Net customer
additions were 86,004 (H2 2022: 67,980) taking the total customer
base at 30 September 2022 to 814,684, representing an annualised
growth rate of almost 24%, consistent with our medium-term growth
target of adding 1m additional customers over the next 4 to 5
years.
-- We expect full year profits will be materially ahead of
current market expectations, due primarily to (i) stronger customer
growth, and (ii) a reduction in the previously expected cost of
multi-service discounts during H2 and an improved outlook for
energy affordability, resulting from the recently announced price
guarantee which will cap average energy bills at GBP2,500 per
household for the next two years.
Andrew Lindsay & Stuart Burnett, Co-CEOs, said:
"Our unique multi-service proposition enables us to offer
households savings on their energy bill of up to GBP125 a year
below the new energy price guarantee, sustainably and profitably,
underpinning our long-term strong competitive position.
"In addition, we continue to offer outstanding value to
customers taking our other core services: broadband, mobile and
insurance, plus our market-leading cashback card. At a time when
cost of living pressures continue to rise, we are uniquely
positioned to offer households what they need now more than ever:
savings on their essential bills and an extra income from
recommending these savings to their friends and family.
"A further update will be provided with our half-year results,
which we expect to announce on 22 November 2022."
Notes:
Prior to this update, the consensus adjusted profit before tax
forecast for the year ending 31 March 2023 was GBP75m.
This announcement includes inside information as defined in
Article 7 of the Market Abuse Regulation No. 596/2014 (as it forms
part of domestic law by virtue of the European Union (Withdrawal)
Act 2018) and is being released on behalf of Telecom Plus PLC by
David Baxter, Company Secretary.
For more information, please contact:
Telecom Plus PLC
Andrew Lindsay, Co-CEO 020 8955 5000
Stuart Burnett, Co-CEO
Nick Schoenfeld, CFO
Peel Hunt
Dan Webster / Andrew Clark 020 7418 8900
Numis Securities
Mark Lander / Joshua Hughes 020 7260 1000
MHP Communications
Reg Hoare / Catherine Chapman 020 3128 8339
About Telecom Plus PLC ("Telecom Plus"):
Telecom Plus, which owns and operates the Utility Warehouse
brand, is the UK's only fully integrated provider of a wide range
of competitively priced utility services spanning the
Communications, Energy and Insurance markets.
Customers benefit from the convenience of a single monthly
statement, consistently good value across all their utilities and
exceptional levels of service. Telecom Plus does not advertise,
relying instead on 'word of mouth' recommendation by existing
satisfied customers and Partners in order to grow its market
share.
Telecom Plus is listed on the London Stock Exchange (Ticker: TEP
LN). For further information please visit www.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.
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END
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(END) Dow Jones Newswires
October 03, 2022 02:00 ET (06:00 GMT)
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