TIDMTEP
RNS Number : 1277H
Telecom Plus PLC
22 November 2022
Embargoed until 0700 22 November 2022
Telecom Plus PLC
Half-Year Results for the Six Months ended 30 September 2022
"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 to UK households, today announces
its half-year results for the six months ended 30 September
2022.
Financial highlights:
-- Revenue up 51.5% to GBP562.4m (2021: GBP371.3m)
-- Adjusted profit before tax [1] up 22.5% to GBP32.1m (2021: GBP26.2m)
-- Statutory profit before tax up 46.2% to GBP29.1m (2021: GBP19.9m)
-- Interim dividend increased to 34p per share (2021: 27p)
Operating highlights:
-- Record growth - annualised customer growth rate of almost 24%
-- Customer numbers up by 86,004 to 814,684 (March 2022: 728,680)
-- Total services supplied up by 292,343 to 2,557,252 (March 2022: 2,264,909)
-- Insurance services increased by 67% from 44,834 to 74,948
-- Unique multiservice model delivers energy bill savings of
over GBP30m to UW customers this year
-- Broadband agreement with TalkTalk extended on improved commercial terms
Current trading and outlook:
-- Net customer growth remains at record levels
-- Partner recruitment increasing in response to the cost of living crisis
-- We are upgrading our previous guidance and now expect
full-year adjusted profit before tax for FY23 of at least GBP95m,
leading to a full year dividend of at least 80p per share (2022:
57p)
-- On track to deliver an additional one million customers in the next 4-5 years
Commenting on today's results, Andrew Lindsay, Co-CEO, said:
"As the pressures on household budgets mount, we continue to
offer UK families what they want: the lowest priced energy on the
market, savings on their mobile, broadband and insurance bills,
cashback on their daily spend, and additional earnings for
recommending UW to their friends and families.
"The business is growing faster than ever, at an annualised rate
of almost 24%. With inflationary pressures showing no signs of
easing, we expect demand for what we offer to remain high,
supporting our progress towards our target of welcoming an
additional one million customers in the next 4-5 years."
Stuart Burnett, Co-CEO, added:
"UW is now the only meaningful energy switching option in the
UK, with the rest of the market offering customers little to no
difference in price or service. Our unique multiservice proposition
enables us to provide households with energy savings of up to
GBP125 a year below the new Energy Price Guarantee, sustainably and
profitably, underpinning our long-term strong competitive
position.
"These energy savings are expected to put over GBP30m back into
the pockets of UK households this financial year alone. With
financial pressures on families due to increase over the next few
years, we expect demand for the savings and earnings that we offer
to continue to grow."
There will be a meeting for analysts today at 9.00am. Please
contact MHP Communications at: telecomplus@mhpc.com for
details.
For more information, please contact:
Telecom Plus PLC
Andrew Lindsay, Co-CEO
Stuart Burnett, Co-CEO 020 8955 5000
Nick Schoenfeld, CFO
Peel Hunt
Dan Webster / Andrew Clark 020 7418 8900
Numis Securities
Mark Lander / Joshua Hughes 020 7260 1000
MHP
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 energy,
broadband, mobile and insurance markets.
Customers benefit from the convenience of a single monthly bill,
consistently good value across all their utilities and exceptional
levels of service. The business relies 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 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.
Interim Management Report
Financial and Operating Review
The business has delivered both record financial results and
customer growth during the first half of the year, against an
economic background where UK household finances are under
significant and increasing pressure.
These conditions have driven heightened demand for both the
savings we offer our customers, and the additional earnings we
offer our Partners: and with 97 out of every 100 households across
the UK still with suppliers other than UW, there is considerable
scope for our current profitable growth trajectory to continue
building over the years ahead.
At the heart of our business model is a sustainable competitive
advantage that results from two fundamental points of
differentiation: firstly, the inherent cost advantage we derive
from providing multiple services to our customers from a single,
integrated customer service and management platform. And secondly,
our word of mouth route to market: real people explaining the
convenience and savings we provide, and unlocking high levels of
multiservice take-up across our four core markets.
Our competitive position as the lowest priced supplier in a
highly commoditised energy marketplace is underpinned by the
contribution we generate in our mobile, broadband and insurance
businesses. The returns we make in each of our core markets are
expected to increase as we continue to scale, and in the absence of
any significant capital investment requirements this means that our
levels of cash conversion are expected to remain high, supporting
our progressive dividend policy.
As the macro-economic outlook for UK households worsens, and
budgets come under further pressure, so demand for what UW offers
will clearly rise: the business is well positioned to capitalise on
these dynamics, and we are increasingly confident in delivering on
our goal of adding a further one million customers in the next four
to five years. Managing our rapid growth is critical to achieving
this goal, and requires appropriate investment to ensure successful
operational delivery; to this end we continue to prioritise our
time and effort in three key areas:
Building a great culture and environment for our people - the
hard work of our team of over 2,000 employees underpins everything
we do, and our highest priority is to attract and retain the
talented individuals that we need to achieve our goals.
Looking after our customers as we grow - earning genuine
personal recommendations from our customers is critical to our
ongoing growth: we continue to invest heavily in the people,
systems and processes required to deliver the hassle-free
experience that our customers seek from UW.
Maximising high quality customer growth - we have ambitious
growth targets, but will not compromise quality for quantity. We
continue to evolve our customer and Partner propositions to attract
multiservice homeowners via our word of mouth route to market.
Results
Adjusted Statutory
------------------------------- -------------------------------
Half year to 30
September 2022 2021 Change 2022 2021 Change
Revenue GBP562.4m GBP371.3m 51.5% GBP562.4m GBP371.3m 51.5%
Profit before tax GBP32.1m GBP26.2m 22.5% GBP29.1m GBP19.9m 46.2%
Basic earnings (per
share) 33.9p 26.1p 29.9% 30.5p 18.3p 66.7%
Interim dividend
(per share) 34.0p 27.0p 25.9% 34.0p 27.0p 25.9%
In order to provide a clearer presentation of the underlying
performance of the group, adjusted profit before tax and adjusted
basic EPS exclude share incentive scheme charges of GBP0.7m (2021:
GBP0.6m), the loss for the period attributable to the
non-controlling interest of GBP0.3m (2021: GBP0.1m), and the
amortisation of the intangible asset of GBP5.6m (2021: GBP5.6m)
arising from entering into the energy supply arrangements with Eon
(formerly npower) in December 2013; this decision reflects both the
relative size and non-cash nature of these charges. In H1 FY23
adjusted profit before tax and adjusted basic EPS also excludes the
profit on the disposal of Glow Green (GBP3.6m). The reconciliations
for adjusted profit before tax and adjusted EPS are set out in
notes 3 and 9 respectively.
Adjusted profit before tax increased to GBP32.1m (2021:
GBP26.2m) on revenues of GBP562.4m (2021: GBP371.3m). Adjusted
earnings per share increased to 33.9p (2021: 26.1p). Statutory
profit before tax increased to GBP29.1m (2021: GBP19.9m), including
the profit on disposal of Glow Green of GBP3.6m, energy supply
contract intangible amortisation of GBP5.6m (2021: GBP5.6m), the
loss for the period attributable to the non-controlling interest of
GBP0.3m (2021: GBP0.1m), and share incentive scheme charges of
GBP0.7m (2020: GBP0.6m).
We will be paying an increased interim dividend of 34p per share
(2021: 27p) on 16 December 2022 to shareholders on the register on
2 December 2022; the Company's shares will go ex-dividend on 1
December 2022.
Revenues
The increase in revenue primarily reflects higher energy prices
combined with the significant increase in the number of services we
are supplying, following a 12-month period of strong customer
growth.
Gross margin fell to 19.9% (2021: 22.9%), mainly reflecting the
sharp rise in retail energy prices, resulting in a higher
proportion of our revenues coming from supplying lower margin
energy services.
Costs
Distribution expenses increased to GBP17.2m (2021: GBP12.7m),
reflecting the higher levels of customer acquisition and Partner
activity during the period.
Although administrative expenses (excluding the amortisation of
the energy supply contract intangible and share incentive scheme
charges) fell as a proportion of sales, in absolute terms they
increased by GBP12.6m to GBP53.2m (2021: GBP40.6m). This increase
was mainly a result of increased staff and technology costs to
manage the significantly increased level of customer growth.
The bad debt charge for the period increased to GBP8.5m (2021:
GBP5.1m) representing 1.5% of
revenues (2021: 1.4%).
Cash Flow and Borrowings
Operating cash flow of GBP78.6m (2021: GBP22.7m) was
significantly higher year on year, mainly
reflecting the timing of receipts from Government for the Energy
Bills Support Scheme
("EBSS"). Underlying operating cashflow excluding the receipt of
EBSS funds was GBP31.1m, broadly reflecting the level of profit for
the period. Capital expenditure of GBP4.9m (2021: GBP4.8m) related
primarily to our ongoing technology investment programme.
Net debt (including lease liabilities) fell to GBP19.6m at the
period end following the early receipt of EBSS funds from
Government. Underlying net debt (excluding EBSS funds) fell
marginally to GBP67.2m (31 March 2022: GBP70.3m). At this level,
our underlying net debt to EBITDA ratio (on a 12-month rolling
basis) remains low at around 0.8x, underpinning our progressive
dividend policy.
Tax
Our effective tax rate for the first half was 18.1% (2021:
28.3%). The overall level during the period was marginally below
the underlying rate of corporation tax due mainly to the profit on
the disposal of Glow Green and the tax deduction available to the
Company from the exercise of employee share options; partially
offset by the ongoing amortisation charge on our energy supply
contract intangible asset (which is not an allowable deduction for
tax purposes).
Investing in our Customers
A record number of UK households joined UW to save on their
bills in the first half of the year, taking the total number of
customers we supply to 814,684 as at 30 September 2022 (31 March
2022: 728,680).
This increase of 86,004 new customers (H2 2022: 67,980) equates
to an annualised growth rate of almost 24%, consistent with our
medium-term growth target of adding one million additional
customers over the next four to five years.
The long-term value of our multiservice customer proposition,
combined with consistently offering the lowest priced energy in the
market, means we are uniquely positioned to help consumers tackle
the market-wide inflationary pressures they are experiencing in
each of the commoditised household services we supply.
Our position as the UK's cheapest energy supplier has remained
intact throughout the turbulent market conditions of the last 12
months following the end of the energy price war in September 2021,
with UW customers receiving ongoing annual savings of up to GBP125
relative to the Government Price Cap, with the amount depending on
the number of services they take from us. Across the full financial
year, we expect UW customers to collectively save over GBP30m on
their energy bills - funded through our innovative and sustainable
multiservice business model.
We remain disciplined in our approach to maximising high value
growth against a backdrop of exceptionally strong demand, ensuring
that we strike the right balance between quantity and quality.
Whilst energy prices continue to dominate the headlines, it is
important to recognise that we are not simply an energy business,
and the inflationary pressures being felt by consumers in all of
our markets make the savings we offer across each of them
increasingly attractive.
As a result we saw strong levels of multiservice take up by new
customers during the first half, leading to growth across all our
core services; this resulted in an overall increase in the number
of services we supply to our customers of 292,343 (H1 FY22: 5,959)
to over 2.5 million in total.
H1 H1
FY 2023 FY2022 FY 2022
---------- ----------
Partners 52,062 47,620 44,325
Customers
Residential 792,674 705,634 637,553
Business 22,010 23,046 23,147
Total 814,684 728,680 660,700
Core services
Energy 1,388,932 1,219,836 1,090,319
Broadband 341,392 323,623 316,276
Mobile 364,062 324,773 306,738
Insurance 74,948 44,834 35,608
Other services
Cashback Card 364,960 327,949 305,875
Legacy services 22,958 23,894 24,940
Total 2,557,252 2,264,909 2,079,756
Whilst energy services have grown the most in absolute terms, we
were particularly pleased with the strong relative growth in mobile
and insurance services, as both new and existing customers sought
to maximise their energy savings by switching additional services
to UW. In March 2022 we integrated Insurance into our bundle
proposition, triggering a marked acceleration in take-up of this
service.
Demand for our Cashback card also remains high. It is a unique
point of differentiation for UW, and represents a further,
meaningful way in which we can help our customers tackle the rising
cost of living. During the first half of the year, our customers
received over GBP3.5m (2021: GBP3.0m) deducted from their UW bills
by using their Cashback card.
Supporting our customers
In order to deliver on our promise of helping our customers to
save time and money on their household bills, and to genuinely earn
their recommendations, it is vital that we continue to invest in
them - not solely in the value of our proposition, but also,
critically, in how we look after them: we must deliver a
consistently high standard of service, treat them fairly, and live
up to our promise of letting them get on with their lives.
The increase in the Government Price Cap to GBP1,971 in April
2022, and the ongoing energy-related media headlines throughout the
first half of the year, led to significantly heightened concern
amongst consumers. Our customers were no exception and we
experienced unprecedented levels of customer contact during the
period. At the same time a record number of new customers have
joined UW, switching multiple essential household services to us.
The GBP2,500 Government Energy Price Guarantee announced in
September, whilst temporarily quelling affordability concerns, led
to widespread consumer confusion, and more recent changes have
further exacerbated this.
Whilst we continue to invest in providing customers with
self-service capabilities for each of the household services they
are taking from us, these external market dynamics mean that we are
facing unprecedented numbers of customers wishing to speak to us
directly. In response, we have increased our front line customer
support teams, taking the total number of UW employees to over
2,000 at the end of the period. This expansion of our employee base
represents a significant additional investment, but it is one that
we are delighted to make and are pleased to be creating jobs
against such a challenging broader economic backdrop.
This expansion in our workforce includes an initiative to
develop regional centres of customer service excellence, with our
first hub opening in Burnley in October, aimed at providing new UW
customers with dedicated support as they switch their services to
us. We intend to open further hubs during the second half of the
year, each with a focus on a particular aspect of our business, to
help our teams build deep, specialist knowledge, and to provide our
customers with the highest level of support.
It is not only the efforts and hard work of our colleagues that
are integral to supporting our customers: the systems they use are
vital, and we have made further progress during the period to
develop these to help our teams perform the critical role they play
in looking after our customers, resolving their problems and
answering their questions.
With the steep increase in energy bills being experienced by
everyone, we are especially focussed on supporting our vulnerable
customers, and have increased our Payment Support Team by around
40% year on year. We seek to provide unparalleled support for
customers facing payment difficulties, and were pleased with our
rating in Ofgem's recent Market Compliance Review into customers
struggling to pay their bills.
Customer churn remains at record low levels, primarily
reflecting our position as the lowest priced energy supplier in the
market, but also the long term value we offer across all our core
services, and our commitment to looking after our customers.
Our Services
Energy
Over the last six months we have seen a period of enforced
stability in the energy market with no suppliers entering or
leaving and little differentiation in what they are able to offer
to customers. With all other suppliers priced within c.GBP10 of the
Government Energy Price Guarantee, we have consistently offered
savings of up to GBP125 per year, funded through our sustainable
cost advantage, and as a result have become the fastest growing
energy provider in the UK.
The relative stability of the competitive retail supply market
sits in stark contrast to the regulatory environment. There have
been a series of Government interventions aimed at shielding
consumers from the volatility in wholesale energy prices including
most notably, the Energy Bills Support Scheme (EBSS) and Energy
Price Guarantee. In the business sector where we supply over 20,000
SME customers, the Energy Bill Relief Scheme (EBRS) is also
starting to deliver significant bill reductions. Whilst the details
of these schemes continue to evolve along with government policy,
providing ongoing operational challenges to all suppliers, our
competitive advantage has been unaffected by the changes, and we
have shown resilience in being able to adapt quickly to the
changing circumstances without compromising our growth.
Whilst the amount of government subsidy is significant, most
customers' bills are still more than double what they were a little
over a year ago. As a result, customers are seeking to lower their
outgoings by reducing their consumption, with average usage down by
around 10% over the summer, and with a larger reduction expected
over the coming winter months.
Across the market more customers are falling into arrears, and
whilst we are not immune to this challenge, the nature of both our
multiservice proposition and our word of mouth acquisition channel
means our business is less susceptible to higher bad debts,
reflecting our customer demographic.
Smart meters are a key component in the UK's plans to achieve
its net zero targets, and we continue to have one of the highest
smart meter penetration rates in the UK of 65% despite our
increased growth. A shortage of trained engineers during the period
has reduced our previously high rate of installation, but we
anticipate this will accelerate again in the new year and remain
committed to investing in the roll-out.
This summer saw the implementation of Ofgem's Faster Switching
programme, enabling customers to switch their energy supplier in as
little as two working days. Whilst lower levels of overall
switching have reduced the significance of this large,
industry-wide investment, we have seen the benefits of the more
streamlined onboarding experience for the record numbers of
customers switching to UW over the period.
Broadband and Mobile
Our mobile service, spearheaded by our highly competitive
unlimited data SIM proposition, continued to grow rapidly during H1
(+12%). We have invested in improvements to both the provisioning
experience, with better automation of our activation processes, and
the in-life account management experience to drive advocacy amongst
our mobile service users. We also extended our long-standing supply
agreement with EE until 2028.
Broadband growth was relatively muted across the period (+5%)
when compared with the growth of our other services. This reflects
both the increasingly high reliance consumers place on their
connectivity and the perceived risk of disruption associated with
switching, and the redesigned bundle proposition that we launched
in March 2022 (allowing customers to access our lowest energy
prices by taking insurance as one of their qualifying services,
with a knock on effect on broadband take up). We are continuing to
invest in the automation of our provisioning processes in order to
assure customers of a seamless switching process, and anticipate
that Ofcom's 'One Touch Switch' programme will further reduce
switching friction for consumers.
The ongoing full fibre roll-out continues to underpin market
activity focussed on the 'tease and squeeze' acquisitional pricing
tactics that have been, or are being, addressed by regulation in
Financial Services and Energy. The majority of the big suppliers
subject all their customers (including those in contract) to
automatic CPI-plus annual price rises, which drove a c.9% increase
to many consumers' bills in the spring. With current inflation
forecasts, we expect this will rise even further over the coming
months, and our strategy of guaranteeing no in-contract price rises
leaves us well placed to grow in response to this dynamic.
We signed a new, long-term agreement with TalkTalk in October.
The significantly improved terms will help us accelerate our
broadband growth whilst maintaining an increasingly profitable
proposition over the medium to long term. We are excited that this
new agreement will enable us to benefit from TalkTalk's growing
network of alt-net fibre relationships, giving UW customers access
to the widest range of full fibre connectivity in the market in due
course.
At a time when cost of living pressures continue to rise, and
other major broadband providers are imposing automatic
inflation-linked price rises on their customers, we have not only
maintained our existing fibre broadband prices throughout 2022, but
have also committed to freezing them throughout the winter
ahead.
Insurance
Our Insurance book increased from 44,834 to 74,948 policies, an
uplift of 67% in H1 alone. This healthy growth was driven by two
main catalysts: firstly, strong customer growth in our core
business and secondly, the redesigned bundle proposition that we
launched in March 2022, which led to over 22% of new customers
taking an insurance product when they signed up to UW.
Our approach of rewarding customer loyalty and focus on
delivering customer value meant that we have been well prepared for
the impacts of the FCA pricing interventions, as well as the
upcoming Consumer Duty requirements. Our retention at renewal has
held steady at around 95%.
For the time being, our insurance business remains firmly in
growth mode. Whilst it is currently only making a modest
contribution to our bottom line, we see a clear path to making a
material contribution as we continue to scale, and we will continue
to invest in this area as a key strategic driver of future growth
for the overall business.
Cashback
Our Cashback card is ideally suited to help UK households
looking for ways to combat the rising cost of living: by enabling
our customers to earn up to 10% cashback on their everyday
spending, the Cashback card takes the savings that UW offers beyond
our four core utilities, and is another key differentiator compared
to any other home services provider.
Demand for the card continues to rise with cardholder growth of
over 10%, and spending exceeded GBP238m in H1 (H1 FY21: GBP199m).
In total, our customers received GBP3.5m of cashback during the
period, taken straight off their bills.
We continue to invest in improving the cardholder experience at
every touch point - for example instantly push notifying them of
how much cashback they have received each time they spend. We have
also extended our portfolio of retail partners to include brands
such as Boohoo and Dobbies, and anticipate further additions over
the course of the year.
With no obvious signs of inflationary pressures abating, we
expect the Cashback card to become increasingly relevant to our
customers over the foreseeable future.
Investing in our Word of Mouth Model
Our rapid growth in customers has been underpinned by high
levels of activity amongst our growing community of Partners. They
are one of the key strengths of our business. Through UW, our
Partners can create real financial security for themselves and
their families by signing up new customers and introducing our
income opportunity to others. They do so in their own time and on
their own terms, earning meaningful short-term financial rewards as
well as a long-term residual income.
Confidence has risen during the period, as Partners have
embraced the strength of our customer proposition and the growing
consumer demand for the savings it offers. Recommending UW is both
significantly easier and more enjoyable for our Partners when they
know that they are genuinely helping their friends, families and
neighbours. This has evidently been the case given our consistent
position as the lowest priced energy supplier in the UK over the
last year, and has reinforced the other ways we can help tackle the
broader rise in the cost of living that households are facing, such
as through the savings offered by our Cashback card.
Growing awareness of the UW brand amongst consumers - resulting
from increased media recognition, our consistent top-of-table
position in energy price comparisons and other third-party
endorsements - has further boosted their confidence.
Combined with heightened and proactive consumer demand for what
Partners can offer through UW, this has driven record levels of
activity and growth amongst our Partner base, in turn leading to
greater earnings, particularly in the form of bonuses for signing
up new multiservice customers. These earnings of up to GBP250 per
referral totalled over GBP7m in the first half, and - in addition
to the savings offered by our core customer proposition - are
increasingly attractive to people seeking to offset the rise in
daily living costs that we are all facing.
We continually seek to make it easier to succeed as a Partner by
ensuring the competitive positioning of our services, providing
market-leading levels of customer care, and raising awareness of
the UW brand. We have further invested in the tools we provide to
them during the period, introducing enhanced personalised websites,
simplifying the sharing of online links with people they meet, and
directing prospective new customers to active Partners who are
local to them.
With the financial pressure on UK households continuing to rise,
and an increasing recognition that the scope to mitigate the impact
of steep and widespread inflation through savings alone is limited,
we anticipate that increasing numbers of people will turn to UW
over the coming years to help them earn their way out of the cost
of living crisis.
In order to broaden the scope of the UW income opportunity we
are relaunching our customer referral proposition, which not only
enhances our tried-and-tested word of mouth model, but extends it
to all our existing customers, giving them the opportunity to boost
their income at a time when their financial outgoings are
increasing.
Investing in Our Employees
We have made significant investment and progress in improving
the culture and environment for our employees. Our efforts were
acknowledged in our most recent company-wide Heartbeat survey in
July, which saw our employee Net Promoter Score increasing to
+20.
In response to the acceleration in new customer growth, we have
stepped up our recruitment of new colleagues and developed all
aspects of our onboarding journey creating a positive experience
for any new starter long before their first day on the job.
We have enhanced our learning and development offer for all
employees, while increasing the dedicated support we provide in our
Customer Services teams, and have seen over 70% of all staff access
our improved resources online. We have also started to deploy
guided digital journeys for different types of leaders across the
business, to help them develop in their roles.
In addition to opening our first regional hub in Burnley, we
have continued to invest in our working environment more broadly,
opening an office in Paddington with space for nearly 100 staff to
regularly meet and collaborate. We have also taken steps to better
engage with our growing employee base, especially those working
remotely, running regular company-wide events to help people build
on their remote relationships, better understand the business, and
connect with peers in and beyond their core teams.
Access to existing benefits and support resources has been
improved with the launch of a new online benefits platform. As well
as dedicated mental health and wellbeing modules, we have expanded
our resources to include financial wellbeing support. This is on
top of enhancements to our sick pay policy, a one-off cost of
living payment we are paying to all employees this winter, and a
support fund we have set up to help employees in real financial
difficulty to access supermarket vouchers or additional
funding.
In order to better leverage our growing team's professional
network and boost internal talent movement, we have replaced our
recruitment platform, providing greater visibility on job
opportunities and applications, as well as fuelling word of mouth
recommendation from within our business.
Outlook
The combination of our sustainable multiservice cost advantage -
enabling us to consistently undercut the competition as the lowest
priced supplier in the market - and rising consumer demand for the
savings and convenience we offer, means we expect to see further
strong organic growth over the months and years ahead.
The recent political upheaval and subsequent changes to the
Government's Energy Price Guarantee, mean that energy prices are
once again front page news. Despite being a major contributor
towards the wider inflationary pressures and cost of living squeeze
that is being felt by households across the country, there is
little competition between energy suppliers (other than ourselves)
who all face the same costs and have next to no points of
differentiation from one another.
In contrast, we are proud of the savings we offer our customers
on their energy bills - which are set to total over GBP30m this
year - a figure that will continue to grow as more households
choose UW as their supplier. But our ability to help our customers
reduce their monthly outgoings is not restricted to their energy:
we also do so on their mobile, broadband and insurance.
In the face of rising costs, we are uniquely positioned to offer
UK consumers multiple ways to save. Everyday general shopping, in
particular the rising cost of food, is a further key pressure point
on household budgets, and our Cashback card helps UW customers meet
this challenge: with spending on our card now running at over
GBP40m per month, we expect this will generate meaningful further
savings for our customers in future. And unlike the majority of
other broadband and mobile providers, who impose annual
inflation-linked price rises on their customers, we have committed
not to increase our prices this winter.
At the same time, we continue to experience strong levels of new
Partner recruitment, as more people turn to UW to earn an extra
income in response to the deepening cost of living crisis. In
launching our customer referral scheme, we are excited to be
bringing the UW income opportunity to a broader audience - all our
customers - as the financial pressures faced by all UK households
continue to mount. We expect momentum to build in our word of mouth
model through the second half, further supporting our strong
organic customer growth rate as we move into FY24.
Household energy bills are expected to remain high for the
foreseeable future. On top of ongoing elevated wholesale prices, we
are yet to see the full impact of the predicted GBP6.5bn bail-out
of Bulb, anticipated higher bad debts across the industry, and the
cost of transitioning to net zero, all of which will need to be
factored into future bills. This leaves us uniquely positioned to
offer both new and existing customers significant savings through
our sustainable multiservice model and to continue growing our
market share significantly over the coming years.
Whilst the EPG will mean that the amount customers pay for their
energy will remain fixed until April, the underlying Government
Price Cap will be reset in January, with a growing likelihood that
the new level will exceed GBP4,000 for an average dual fuel
household. This provides greater clarity over our likely financial
performance for the final quarter of FY23, albeit that some
uncertainty remains over the extent to which customers either
self-regulate their consumption in order to reduce their bills over
the peak winter months, or are unable to afford to pay them.
In the context of this greater visibility, and in the absence of
unforeseen circumstances, we are upgrading our previous guidance.
We now expect full-year adjusted profit before tax for FY23 of at
least GBP95m, leading to a full year dividend of at least 80p
(2022: 57p) per share.
These dynamics give us considerable confidence in our ability to
achieve the goal we set in the summer of welcoming an additional
million customers to UW over the next four to five years, and the
further material improvement in our financial performance that this
would deliver in FY24 and beyond.
Given on behalf of the Board
ANDREW LINDSAY STUART BURNETT NICK SCHOENFELD
Co-Chief Executive Co-Chief Executive Chief Financial Officer
22 November 2022
Principal Risks and Uncertainties
The Group faces various risk factors, both internal and
external, which could have a material impact on long-term
performance. However, the Group's underlying business model is
considered relatively low-risk, with no need for management to take
any disproportionate risks in order to preserve or generate
shareholder value.
The Group continues to develop and operate a consistent and
systematic risk management process, which involves risk ranking,
prioritisation and subsequent evaluation, with a view to ensuring
all significant risks have been identified, prioritised and (where
possible) eliminated, and that systems of control are in place to
manage any remaining risks.
The directors have carried out a robust assessment of the
Company's emerging and principal risks. A formal document is
prepared by the executive directors and senior management team on a
regular basis detailing the key risks faced by the Group and the
operational controls in place to mitigate those risks; this
document is then reviewed by the Audit Committee. Save as set out
below, the magnitude of any risks previously identified has not
significantly changed during the period.
Business model
The principal risks outlined below should be viewed in the
context of the Group's business model as a reseller of utility
services (gas, electricity, fixed line telephony, mobile telephony,
broadband and insurance services) under the Utility Warehouse and
TML brands. As a reseller, the Group does not own any of the
network infrastructure required to deliver these services to its
customer base. This means that while the Group is heavily reliant
on third party providers, it is insulated from all the direct risks
associated with owning and/or operating such capital-intensive
infrastructure itself.
The Group is able to secure the wholesale supply of all the
services it offers at competitive rates, enabling it to generate a
consistently fair level of profitability from delivering a great
value bundled proposition to its customers. There is an alignment
of interests between the Group and its wholesale suppliers which
means that it is in the interests of the suppliers to ensure that
the Group remains competitive, driving growth and maximising their
benefit from our complementary route to market. Furthermore, the
group benefits from a structural cost advantage, due to the
multiple revenue streams it receives from customers who take more
than one service-type, and only having one set of overheads. The
Group has alternative sources of wholesale supply should an
existing supplier become uncompetitive or no longer available.
In relation to energy specifically, the Group's wholesale costs
are calculated by reference to a discount to the prevailing
standard variable retail tariffs offered by the 'Big 6' to their
domestic customers (effectively the Government price cap), which
gives the Group considerable visibility over profit margins.
The Group's services are promoted using 'word of mouth' by a
large network of independent Partners, who are paid predominantly
on a commission basis. This means that the Group has limited fixed
costs associated with acquiring new customers.
The principal specific risks arising from the Group's business
model, and the measures taken to mitigate those risks, are set out
below.
Reputational risk
The Group's reputation amongst its customers, suppliers and
Partners is believed to be fundamental to the future success of the
Group. Failure to meet expectations in terms of the services
provided by the Group, the way the Group does business or in the
Group's financial performance could have a material negative impact
on the Group's performance.
In developing new services, and in enhancing current ones,
careful consideration is given to the likely impact of such changes
on existing customers.
In relation to the service provided to its customer base,
reputational risk is principally mitigated through the Group's
recruitment processes, a focus on closely monitoring staff
performance, including the use of direct feedback surveys from
customers (Net Promoter Score), and through the provision of
rigorous staff training.
Responsibility for maintaining effective relationships with
suppliers and Partners rests primarily with the appropriate member
of the Group's senior management team with responsibility for the
relevant area. Any material changes to supplier agreements and
Partner commission arrangements which could impact the Group's
relationships are generally negotiated by the executive directors
and ultimately approved by the full Board.
Information technology risk
The Group is reliant on its in-house developed and supported
systems for the successful operation of its business model. Any
failure in the operation of these systems could negatively impact
service to customers, undermine Partner confidence, and potentially
be damaging to the Group's brand. Application software is developed
and maintained by the Group's Technology team to support the
changing needs of the business using the best 'fit for purpose'
tools and infrastructure. The Technology team is made up of
highly-skilled, motivated and experienced individuals.
Changes made to the systems are prioritised by business, Product
Managers work with their stakeholders to refine application and
systems requirements. They work with the Technology teams
undertaking the change to ensure a proper understanding and
successful outcome. Changes are tested as extensively as reasonably
practicable before deployment. Review and testing are carried out
at various stages of the development by both the Technology team
and the operational department who ultimately take ownership of the
system.
The Group has strategic control over the core customer and
Partner platforms including the software development frameworks and
source code behind these key applications. The Group also uses
strategic third-party vendors to deliver solutions outside of our
core competency. This largely restricts our counterparty risks to
services that can be replaced with alternative vendors if required,
albeit this could lead to temporary disruption to the day-to-day
operations of the business.
Monitoring, backing up and restoring of the software and
underlying data are made on a regular basis. Backups are securely
stored or replicated to different locations. Disaster recovery
facilities are either provided through cloud-based infrastructure
as a service, and in critical cases maintained in a warm standby or
active-active state to mitigate risk in the event of a failure of
the production systems.
Data security risk
The Group processes sensitive personal and commercial data and
in doing so is required by law to protect customer and corporate
information and data, as well as to keep its infrastructure secure.
A breach of security could result in the Group facing prosecution
and fines as well as loss of business from damage to the Group's
reputation. Recovery could be hampered due to any extended period
necessary to identify and recover a loss of sensitive information
and financial losses could arise from fraud and theft. Unplanned
costs could be incurred to restore the Group's security.
The Group has deployed a robust and industry-appropriate
Group-wide layered security strategy, providing effective control
to mitigate the relevant threats and risks. The Group is PCI
compliant and external consultants conduct regular penetration
testing of the Group's internal and external systems and network
infrastructure.
The Information Commissioner's Office ('ICO') upholds
information rights in the public interest and, where required,
companies within the Group are registered as data controllers with
the ICO. If the Group fails to comply with all the relevant
legislation and industry specific regulations concerning data
protection and information security, it could be subject to
enforcement action, significant fines and the potential loss of its
operating licence.
Information security risks are overseen by the Group's
Information Security and Legal & Compliance teams.
Legislative and regulatory risk
The Group is subject to various laws and regulations. The
energy, communications and financial services markets in the UK are
subject to comprehensive operating requirements as defined by the
relevant sector regulators and/or government departments.
Amendments to the regulatory regime could have an impact on the
Group's ability to achieve its financial goals and any material
failure to comply may result in the Group being fined and lead to
reputational damage which could impact the Group's brand and
ability to attract and retain customers. Furthermore, the Group is
obliged to comply with retail supply procedures, amendments to
which could have an impact on operating costs.
The Group is a licensed gas and electricity supplier, and
therefore has a direct regulatory relationship with Ofgem. If the
Group fails to comply with its licence obligations, it could be
subject to fines or to the removal of its respective licences.
The regulatory framework for the UK's energy retail market, as
overseen by Ofgem, is subject to continuous development. Any
regulatory change decision could potentially lead to a significant
impact on the sector, and the net profit margins available to
energy suppliers. The current pace and extent of regulatory change
is more substantial than in previous years. In addition to the
industry-wide programmes of work, such as the rollout of smart
meters, and a growing range of environmental and social
obligations, Ofgem has been implementing a special package of
reform measures. These special reforms have arisen in response to
the 'energy crisis', which emerged in the autumn of 2021 and is
associated with high wholesale energy costs and a consolidation of
competition, with many new-entrant suppliers having ceased trading.
The reforms cover the future of the price cap, assessing suppliers'
financial resilience and compliance performance, and temporary
interventions, in part, to protect suppliers from their financial
exposures to the wholesale market. The Group tracks this changing
landscape closely, to identify risks and opportunities, to prepare
for any subsequent operational changes, and also to input directly
into Ofgem's work.
The Group is also a supplier of telecoms services and therefore
has a direct regulatory relationship with Ofcom. If the Group fails
to comply with its obligations, it could be subject to fines or
lose its ability to operate. The ongoing implementation of the
European Electronic Communications Code has resulted in an
increased regulatory burden and an even stronger Ofcom focus on
compliance monitoring. Regulatory changes to the fixed line and
broadband switching processes for next year are substantial and
require cooperation from all fixed telecom providers. The Group is
closely engaged in the relevant forums and industry groups to both
influence and prepare for the changes.
The Group is authorised and regulated as an insurance broker for
the purposes of providing insurance services to customers by the
Financial Conduct Authority ("FCA"). In addition, the Group holds
consumer credit permissions related to the provision of staff and
Partner loans and hire purchases. If the Group fails to comply with
FCA regulations, it could be exposed to fines and risk losing its
authorised status, severely restricting its ability to offer
insurance services to customers and consumer credit services to
staff and Partners.
Recent regulatory changes relating to insurance pricing
practices and the new Consumer Duty regulation will have a
significant impact on the financial services sector as a whole. The
business has prepared and the Board has approved an implementation
plan which will continue to be informed by any clarifications and
additional guidance issued.
In general, the majority of the Group's services are supplied to
consumers in highly regulated markets, and this could restrict the
operational flexibility of the Group's business. In order to
mitigate this risk, the Group seeks to maintain appropriate
relations with both Ofgem and Ofcom (the UK regulators for the
energy and telecommunications markets respectively), the Department
for Business, Energy and Industrial Strategy ('BEIS'), and the FCA.
The Group engages with officials from all these organisations on a
periodic basis to ensure they are aware of the Group's views when
they are consulting on proposed regulatory changes.
Political and consumer concern over energy prices, broadband
availability and affordability, vulnerable customers and fuel
poverty may lead to further reviews of the energy and telecoms
markets which could result in further consumer protection
legislation being introduced. Political and regulatory developments
affecting the energy and telecoms markets within which the Group
operates may have a material adverse effect on the Group's
business, results of operations and overall financial
condition.
The Group is also aware of and managing the impact of a
developing regulatory landscape in relation to climate change and
the Net Zero transition.
To mitigate the risks from failure to comply with legislative
requirements in an increasingly active regulatory landscape, the
Group's Legal & Compliance team has developed and rolled out
robust policies and procedures, undertakes regular training across
the business, and continually monitors legal and regulatory
developments. The team also conducts conformance and assurance
tests on the policies and procedures.
Financing risk
The Group has debt service obligations which may place operating
and financial restrictions on the Group. This debt could have
adverse consequences insofar as it: (a) requires the Group to
dedicate a proportion of its cash flows from operations to fund
payments in respect of the debt, thereby reducing the flexibility
of the Group to utilise its cash to invest in and/or grow the
business; (b) increases the Group's vulnerability to adverse
general economic and/or industry conditions; (c) may limit the
Group's flexibility in planning for, or reacting to, changes in its
business or the industry in which it operates; (d) may limit the
Group's ability to raise additional debt in the long-term; and (e)
could restrict the Group from making larger strategic acquisitions
or exploiting business opportunities.
Each of these prospective adverse consequences (or a combination
of some or all of them) could result in the potential growth of the
Group being at a slower rate than may otherwise be achieved.
Bad debt risk
The Group has a universal supply obligation in relation to the
provision of energy to domestic customers. This means that although
the Group is entitled to request a reasonable deposit from
potential new customers who are not considered creditworthy, the
Group is obliged to supply domestic energy to everyone who submits
a properly completed application form. Where customers subsequently
fail to pay for the energy they have used, there is likely to be a
considerable delay before the Group is able to control its exposure
to future bad debt from them by either switching their smart meters
to pre-payment mode, installing a pre-payment meter or
disconnecting their supply, and the costs associated with
preventing such customers from increasing their indebtedness are
not always fully recovered.
Bad debt within the telephony industry may arise from customers
using the services, or being provided with a mobile handset,
without intending to pay their supplier. The amounts involved are
generally relatively small as the Group has sophisticated call
traffic monitoring systems to identify material occurrences of
usage fraud. The Group is able to immediately eliminate any further
usage bad debt exposure by disconnecting any telephony service that
demonstrates a suspicious usage profile, or falls into arrears on
payments.
Wholesale price risk
Whilst the Group acts as principal in most of the services it
supplies to customers, the Group does not own or operate any
utility network infrastructure itself, choosing instead to purchase
the capacity needed from third parties. The advantage of this
approach is that the Group is largely protected from technological
risk, capacity risk or the risk of obsolescence, as it can purchase
the precise amount of each service required to meet its customers'
needs.
Whilst there is a theoretical risk that in some of the areas in
which the Group operates it may be unable to secure access to the
necessary infrastructure on commercially attractive terms, in
practice the pricing of access to such infrastructure is typically
either regulated (as in the energy market) or subject to
significant competitive pressures (as in telephony and broadband).
The profile of the Group's customers, the significant quantities of
each service they consume in aggregate, and the Group's clearly
differentiated route to market has historically proven attractive
to infrastructure owners, who compete aggressively to secure a
share of the Group's growing business.
The supply of energy has different risks associated with it. The
wholesale price can be extremely volatile, and customer demand can
be subject to considerable short-term fluctuations depending on the
weather. The Group has a long-standing supply relationship with Eon
(formerly npower) under which the latter assumes the substantive
risks and rewards of buying and hedging energy for the Group's
customers, and where the price paid by the Group to cover
commodity, balancing, transportation, distribution, agreed
metering, regulatory and certain other associated supply costs is
set by reference to the average of the standard variable tariffs
charged by the 'Big 6' to their domestic customers less an agreed
discount, which is set at the start of each quarter; this may not
be competitive against the equivalent supply costs incurred by new
and/or other independent suppliers. However, if the Group did not
have the benefit of this long-term supply agreement it would need
to find alternative means of protecting itself from the pricing
risk of securing access to the necessary energy on the open market
and the costs of balancing.
Competitive risk
The Group operates in highly competitive markets and significant
service innovations by others or increased price competition, could
impact future profit margins and growth rates. In order to maintain
its competitive position, there is a consistent focus on improving
operational efficiency. New service innovations are monitored
closely by senior management and the Group is generally able to
respond within an acceptable timeframe where it is considered
desirable to do so, by sourcing comparable features and benefits
using the infrastructure of its existing suppliers. The increasing
proportion of customers who are benefiting from the genuinely
unique multi-utility solution that is offered by the Group, and
which is unavailable from any other known supplier, further reduces
any competitive threat.
The Directors anticipate that the Group will face continued
competition in the future as new companies enter the market and
alternative technologies and services become available. The Group's
services and expertise may be rendered obsolete or uneconomic by
technological advances or novel approaches developed by one or more
of the Group's competitors. The existing approaches of the Group's
competitors or new approaches or technologies developed by such
competitors may be more effective or affordable than those
available to the Group. There can be no assurance that the Group
will be able to compete successfully with existing or potential
competitors or that competitive factors will not have a material
adverse effect on the Group's business, financial condition or
results of operations. However, as the Group's customer base
continues to rise, competition amongst suppliers of services to the
Group is expected to increase. This has already been evidenced by
various volume-related growth incentives which have been agreed
with some of the Group's largest wholesale suppliers. This should
also ensure that the Group has direct access to new technologies
and services available to the market.
Infrastructure risk
The provision of services to the Group's customers is reliant on
the efficient operation of third party physical infrastructure.
There is a risk of disruption to the supply of services to
customers through any failure in the infrastructure e.g. gas
shortages, power cuts or damage to communications networks.
However, as the infrastructure is generally shared with other
suppliers, any material disruption to the supply of services is
likely to impact a large part of the market as a whole and it is
unlikely that the Group would be disproportionately affected. In
the event of any prolonged disruption isolated to the Group's
principal supplier within a particular market, services required by
customers could in due course be sourced from another provider.
The development of localised energy generation and distribution
technology may lead to increased peer-to-peer energy trading,
thereby reducing the volume of energy provided by nationwide
suppliers. As a nationwide retail supplier, the Group's results
from the sale of energy could therefore be adversely affected.
Similarly, the construction of 'local monopoly' fibre telephony
networks to which the Group's access may be limited as a reseller
could restrict the Group's ability to compete effectively for
customers in certain areas.
Smart meter rollout risk
The Group is reliant on third party suppliers to fully deliver
its smart meter rollout programme effectively. In the event that
the Group suffers delays to its smart meter rollout programme the
Group may be in breach of its regulatory obligations and therefore
become subject to fines from Ofgem. In order to mitigate this risk
the Group dual-sources (where practicable) the third party metering
and related equipment they use.
The Group may also be indirectly exposed to reputational damage
and litigation from the risk of technical complications arising
from the installation of smart meters or other acts or omissions of
meter operators, e.g. the escape of gas in a customer's property
causing injury or death. The Group mitigates this risk through
using established reputable third party suppliers.
Energy industry estimation risk
A significant degree of estimation is required in order to
determine the actual level of energy used by customers and hence
that should be recognised by the Group as sales. There is an
inherent risk that the estimation routines used by the Group do not
in all instances fully reflect the actual usage of customers.
However, this risk is mitigated by the relatively high proportion
of customers who provide meter readings on a periodic basis, and
the high level of penetration the Group has achieved in its
installed base of smart meters.
Gas leakage within the national gas distribution network
The operational management of the national gas distribution
network is outside the control of the Group, and in common with all
other licensed domestic gas suppliers the Group is responsible for
meeting its pro-rata share of the total leakage cost. There is a
risk that the level of leakage in future could be higher than
historically experienced, and above the level currently
expected.
Acquisition risk
The Group may invest in other businesses, taking a minority,
majority or 100% equity shareholding, or through a joint venture
partnership. Such investments may not deliver the anticipated
returns, and may require additional funding in future. This risk is
mitigated through conducting appropriate pre-acquisition due
diligence where relevant.
Virus outbreak risk
In the event of a disease or virus outbreak (or different
variants of an existing disease or virus emerging) which are
resistant to vaccinations and/or treatments, and which causes
serious incapacity amongst those infected, the Company faces a
number of risks including: (i) staff may be unable to attend their
normal place of work and fulfil their normal duties due to falling
ill or being required to self-isolate (either due to exposure to
carriers of the virus/disease, or to reduce the likelihood of being
so exposed); (ii) the Company may be required to shut its offices
to prevent transmission of the virus/disease in the workplace;
(iii) the efficiency of our operations may be reduced; (iv) we may
be unable to recruit and train new members of staff; (v) customers
may find it more difficult to contact the company; (vi) we may be
unable to resolve faults and challenges faced by customers which
require a visit to their home or other engineering works to be
carried out; (vii) customers may stop paying their bills, or we may
be required by the Government to offer payment holidays to
customers in respect of their utilities (in a similar fashion to
the mortgage payment provisions), putting pressure on the Company's
working capital; (viii) we may be restricted from carrying out
normal debt enforcement procedures including suspension of
telephony services and installation of smart meters; (ix) the
Company's Partners may find it more difficult to grow their
businesses during a period when restrictions on movement are
imposed by the Government; (x) we may be unable to visit customers'
homes to install smart meters; (xi) the various providers of third
party infrastructure used to supply our services may be unable to
cope with the increased demands placed upon them; and (xii) churn
could increase during periods when customers are isolated at
home.
These are mitigated by: (i) the Company has proven technology to
enable most employees to carry out their duties remotely; (ii) the
demographic mix of our customer base is heavily skewed towards
homeowners and older/retired customers; this means we are
significantly less exposed to payment issues than most other
providers of similar services; (iii) the Company has a strong
balance sheet with modest gearing, and access to significant,
recently refinanced, additional debt facilities (if required) to
cover any temporary pressure on working capital; in extremis, these
could be enhanced by a temporary suspension of the dividend; (iv)
the Company has developed tools which are now in widespread use,
enabling Partners to sign-up new customers, recruit new Partners,
and to help existing Partners support new Partners remotely to
teach them how to build their own successful UW business; and (v)
the wide range of services provided to customers gives us
significant resilience from a revenue and profit perspective
against an external event which affects any individual revenue
stream.
Climate change risk
Climate change has the potential to significantly impact the
future of our planet. Everyone has a role to play in reducing the
effects of harmful GHG emissions in our atmosphere and ensuring
that we meet a 1.5degC target in line with the Paris Agreement. No
business is immune from the risks associated with climate change as
it acts as a driver of other risks and affects government
decision-making, consumer demand and supply chains. In recognition
of this, the Group has designated climate change as a standalone
principal risk for our business and has assigned the Legal &
Compliance Director as the owner for managing climate change
risk.
The Group is committed to continuing to implement the
recommendations of the Task Force on Climate-related Financial
Disclosures ('TCFD'). The Group's first TCFD disclosures can be
found in the 2022 Annual Report. The Group is working to develop
its disclosures further this year to build a deeper appreciation of
the specific risk implications to the Group arising from climate
change.
The Group is developing a Net Zero transition plan to achieve
Net Zero by 2040 in line with the Science Based Target initiatives
('SBTi'). To assist with this, the Group is working with third
parties and has invested in software to develop and manage progress
against the targets.
Going Concern
Recent developments in the Group's business activities, together
with the factors likely to affect its future development,
performance and financial position are set out above.
The Group has revolving credit facilities of GBP175.0 million
with Barclays Bank PLC, Lloyds Bank PLC and Bank of Ireland Group
PLC for the period to 30 June 2024. As at 30 September 2022,
GBP100.0 million of this facility was drawn down and the Company
had a cash balance of GBP80.6 million.
Under the Group's energy supply arrangements, the Group benefits
from its relationship with Eon (formerly npower) who fund the
principal seasonal working capital requirements relating to the
supply of energy to the Group's customers.
The Group has considerable financial resources together with a
large and diverse retail and small business customer base and
long-term contracts with a number of key suppliers. As a
consequence, the directors believe that the Group is well placed to
manage its business risks.
On this basis the directors have a reasonable expectation that
the Group has adequate resources to continue in operational
existence for at least 12 months from the date of the approval of
the interim financial statements. The interim financial statements
have therefore been prepared on a going concern basis.
Directors' Responsibilities
The Directors are responsible for the preparation of the
condensed set of financial statements and interim management report
comprising this set of Half-Yearly Results for the six months ended
30 September 2022, each of whom accordingly confirms that to the
best of their knowledge:
-- the condensed set of financial statements has been prepared
in accordance with IAS 34 "Interim Financial Reporting" and
provides a true and fair view of the assets, liabilities, financial
position and profit of the Group as a whole;
-- the interim management report includes a fair review of the
information required by the Financial Statements Disclosure
Guidance and Transparency Rules (DTR) 4.2.7R (indication of
important events during the first six months and their impact on
the financial statements and description of principal risks and
uncertainties for the remaining six months of the year); and
-- the interim management report includes a fair review of the
information required by DTR 4.2.8R (disclosures of related party
transactions and changes therein).
The Directors of Telecom Plus PLC are:
Charles Wigoder Chairman
Andrew Lindsay Co-Chief Executive Officer
Stuart Burnett Co-Chief Executive Officer
Nick Schoenfeld Chief Financial Officer
Beatrice Hollond Senior Non-Executive Director
Andrew Blowers Non-Executive Director
Carla Stent Non-Executive Director
Suzi Williams Non-Executive Director
Independent Review Report to Telecom Plus PLC
Conclusion
We have been engaged by the company to review the condensed set
of financial statements in the half-yearly financial report for the
six months ended 30 September 2022 which comprises the condensed
consolidated interim statement of comprehensive income, the
condensed consolidated interim statement of financial position, the
condensed consolidated interim statement of cash flows, the
condensed consolidated interim statement of changes in
shareholders' equity and the related explanatory notes.
Based on our review, nothing has come to our attention that
causes us to believe that the condensed set of financial statements
in the half-yearly financial report for the six months ended 30
September 2022 is not prepared, in all material respects, in
accordance with IAS 34 Interim Financial Reporting as adopted for
use in the UK and the Disclosure Guidance and Transparency Rules
("the DTR") of the UK's Financial Conduct Authority ("the UK
FCA").
Basis for conclusion
We conducted our review in accordance with International
Standard on Review Engagements (UK) 2410 Review of Interim
Financial Information Performed by the Independent Auditor of the
Entity ("ISRE (UK) 2410") issued for use in the UK. A review of
interim financial information consists of making enquiries,
primarily of persons responsible for financial and accounting
matters, and applying analytical and other review procedures. We
read the other information contained in the half-yearly financial
report and consider whether it contains any apparent misstatements
or material inconsistencies with the information in the condensed
set of financial statements.
A review is substantially less in scope than an audit conducted
in accordance with International Standards on Auditing (UK) and
consequently does not enable us to obtain assurance that we would
become aware of all significant matters that might be identified in
an audit. Accordingly, we do not express an audit opinion.
Conclusions relating to going concern
Based on our review procedures, which are less extensive than
those performed in an audit as described in the Basis of conclusion
section of this report, nothing has come to our attention that
causes us to believe that the directors have inappropriately
adopted the going concern basis of accounting, or that the
directors have identified material uncertainties relating to going
concern that have not been appropriately disclosed.
This conclusion is based on the review procedures performed in
accordance with ISRE (UK) 2410. However, future events or
conditions may cause the group to cease to continue as a going
concern, and the above conclusions are not a guarantee that the
group will continue in operation.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and
has been approved by, the directors. The directors are responsible
for preparing the half-yearly financial report in accordance with
the DTR of the UK FCA.
The annual financial statements of the group are prepared in
accordance with UK-adopted international accounting standards.
The directors are responsible for preparing the condensed set of
financial statements included in the half-yearly financial report
in accordance with IAS 34 as adopted for use in the UK.
In preparing the condensed set of financial statements, the
directors are responsible for assessing the group's ability to
continue as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern basis of
accounting unless the directors either intend to liquidate the
group or to cease operations, or have no realistic alternative but
to do so.
Our responsibility
Our responsibility is to express to the company a conclusion on
the condensed set of financial statements in the half-yearly
financial report based on our review. Our conclusion, including our
conclusions relating to going concern, are based on procedures that
are less extensive than audit procedures, as described in the Basis
for conclusion section of this report.
The purpose of our review work and to whom we owe our
responsibilities
This report is made solely to the company in accordance with the
terms of our engagement to assist the company in meeting the
requirements of the DTR of the UK FCA. Our review has been
undertaken so that we might state to the company those matters we
are required to state to it in this report and for no other
purpose. To the fullest extent permitted by law, we do not accept
or assume responsibility to anyone other than the company for our
review work, for this report, or for the conclusions we have
reached.
Robert Seale
for and on behalf of KPMG LLP
Chartered Accountants
15 Canada Square
London E14 5GL
United Kingdom 22 November 2022
Condensed Consolidated Interim Statement of Comprehensive
Income
Note 6 months 6 months Year
ended 30 ended 30 ended
September September 31 March
2022 (unaudited) 2021 (unaudited) 2022 (audited)
GBP'000 GBP'000 GBP'000
Revenue 562,431 371,275 967,433
Cost of sales (450,777) (286,295) (778,958)
------------------- ------------------- -----------------
Gross profit 111,654 84,980 188,475
Distribution expenses (17,175) (12,697) (29,686)
Administrative expenses (53,175) (40,574) (84,423)
Share incentive scheme charges (741) (585) (960)
Amortisation of energy supply
contract intangible 5 (5,614) (5,614) (11,228)
------------------------------------------- ------- ------------------- ------------------- -----------------
Total administrative expenses (59,530) (46,773) (96,611)
Impairment loss on trade receivables (8,467) (5,071) (11,566)
Impairment of goodwill - - (1,536)
Other income 648 669 1,844
------------------- ------------------- -----------------
Operating profit 27,130 21,108 50,920
Financial income 143 26 136
Financial expenses (1,764) (1,272) (2,709)
------------------- ------------------- -----------------
Net financial expense (1,621) (1,246) (2,573)
Profit/(loss) on disposal of subsidiaries 3,595 - (1,139)
Profit before taxation 29,104 19,862 47,208
Taxation (5,271) (5,623) (12,205)
Profit for the period 23,833 14,239 35,003
Profit and other comprehensive
income for the period attributable
to owners of the parent 24,098 14,383 35,467
Loss for the period attributable
to non-controlling interest (265) (144) (464)
Profit for the period 23,833 14,239 35,003
------------------- ------------------- -----------------
Basic earnings per share 9 30.5p 18.3p 45.1p
Diluted earnings per share 9 30.0p 18.3p 45.0p
Interim dividend per share 34.0p 27.0p
Condensed Consolidated Interim Balance Sheet
As at As at As at
30 September 30 September 31 March
2022 2021* 2022
(unaudited) (unaudited) (audited)
Assets Note GBP'000 GBP'000 GBP'000
Non-current assets
Property, plant and equipment 26,056 33,009 26,180
Investment property 4 8,385 8,463 8,345
Intangible assets 5 147,306 156,997 152,418
Goodwill 3,742 5,324 3,742
Other non-current assets 36,258 30,215 32,855
Total non-current assets 221,747 234,008 223,540
--------------- -------------------- ------------
Current assets
Inventories 3,714 6,451 4,152
Trade and other receivables 51,955 52,641 50,463
Current tax receivable 2,110 1,402 -
Accrued income 129,861 81,515 134,917
Prepayments 7,397 7,345 4,077
Costs to obtain contracts 19,487 14,824 15,151
Cash 80,632 23,175 29,647
Assets classified as held
for sale - - 3,838
Total current assets 295,156 187,353 242,245
Total assets 516,903 421,361 465,785
--------------- -------------------- ------------
Current liabilities
Trade and other payables (86,161) (33,365) (38,101)
Accrued expenses and deferred
income (119,644) (81,419) (113,493)
Current tax payable - - (8)
Liabilities held for sale - - (7,551)
Total current liabilities (205,805) (114,784) (159,153)
--------------- -------------------- ------------
Non-current liabilities
Long term borrowings 6 (99,513) (94,554) (99,215)
Lease liabilities (713) (6,465) (766)
Deferred tax (756) (1,695) (1,078)
Total non-current liabilities (100,982) (102,714) (101,059)
Total assets less total liabilities 210,116 203,863 205,573
--------------- -------------------- ------------
Equity
Share capital 3,998 3,970 3,982
Share premium 149,581 145,317 147,112
Capital redemption reserve 107 107 107
Treasury shares (5,502) (5,502) (5,502)
JSOP reserve (1,150) (1,150) (1,150)
Retained earnings 63,082 61,712 61,935
--------------- -------------------- ------------
210,116 204,454 206,484
--------------- -------------------- ------------
Non-controlling interest - (591) (911)
Total equity 210,116 203,863 205,573
--------------- -------------------- ------------
* The presentation of the balance sheet has been re-stated to
reclassify the Costs to obtain contracts on the face of the
statement, previously these were included in Trade and other
receivables and Prepayments (refer to the Presentation of financial
statements section of the Notes to the consolidated financial
statements in the 2022 Annual Report).
Condensed Consolidated Interim Cash Flow Statement
Note
6 months 6 months Year
ended ended ended
30 September 30 September 31 March
2022 2021 2022
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Operating activities
Profit before taxation 29,104 19,862 47,208
Adjustments for:
Net financial expense 1,621 1,246 2,573
Impairment of goodwill - - 1,536
(Profit)/loss on disposal of subsidiaries (3,595) - 1,139
Depreciation of property, plant and
equipment 1,720 2,421 4,558
Profit on disposal of fixed assets (56) (312) (940)
Amortisation of intangible assets 5 8,461 7,681 15,786
Amortisation of debt arrangement fees 298 178 436
Decrease/(increase) in inventories 438 (126) 2,173
Decrease/(increase) in trade and other
receivables (9,504) 34,628 (18,750)
(Decrease)/increase in trade and other
payables 57,170 (37,726) 6,144
Share incentive scheme charges 741 585 960
Corporation tax paid (7,749) (5,753) (11,528)
--------------- ---------------- ------------
Net cash flow from operating activities 78,649 22,684 51,295
--------------- ---------------- ------------
Investing activities
Purchase of property, plant and equipment (1,580) (769) (2,196)
Purchase of intangible assets 5 (3,349) (4,052) (7,747)
Disposal of property, plant and equipment 62 628 1,567
Interest received 143 26 136
--------------- ---------------- ------------
Cash flow from investing activities (4,724) (4,167) (8,240)
--------------- ---------------- ------------
Financing activities
Dividends paid 7 (23,689) (23,559) (44,787)
Interest paid (1,754) (1,323) (2,630)
Interest paid on lease liabilities (10) (108) (238)
Drawdown of long-term borrowing facilities 15,000 25,000 65,000
Repayment of long-term borrowing facilities (15,000) (20,000) (55,000)
Fees associated with borrowing facilities - - (597)
Repayment of lease liabilities (88) (631) (1,530)
Issue of new ordinary shares 8 2,485 223 2,032
Cancellation of B shares in subsidiary - - (2)
Cash held in subsidiaries at disposal (596) - -
--------------- ---------------- ------------
Cash flow from financing activities (23,652) (20,398) (37,752)
--------------- ---------------- ------------
Increase/(decrease) in cash and cash
equivalents 50,273 (1,881) 5,303
Net cash and cash equivalents at the
beginning of the period 30,359 25,056 25,056
--------------- ---------------- ------------
Net cash and cash equivalents at the
end of the period 80,632 23,175 30,359
--------------- ---------------- ------------
Cash and cash equivalents per balance
sheet 80,632 23,175 29,647
Cash and cash equivalents included within
assets classified as held for sale - - 712
--------------- ---------------- ------------
Net cash and cash equivalents at the
end of the period 80,632 23,175 30,359
--------------- ---------------- ------------
Condensed Consolidated Interim Statement of Changes in
Equity
Capital Non-controlling
Share Share redemption Treasury JSOP Retained interest
capital premium reserve shares reserve earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1 April
2021 3,970 145,094 107 (5,502) (1,150) 70,306 (447) 212,378
Profit and total
comprehensive
income for the period - - - - - 14,383 (144) 14,239
Dividends - - - - - (23,559) - (23,559)
Credit arising on share
options - - - - - 585 - 585
Deferred tax on share
options - - - - - (11) - (11)
Retained earnings tax
adjustments - - - - - 8 - 8
Issue of new ordinary
shares - 223 - - - - - 223
Balance at 30 September
2021 3,970 145,317 107 (5,502) (1,150) 61,712 (591) 203,863
Balance at 1 October
2021 3,970 145,317 107 (5,502) (1,150) 61,712 (591) 203,863
Profit and total
comprehensive
income for the period - - - - - 21,084 (320) 20,764
Dividends - - - - - (21,228) - (21,228)
Credit arising on share
options - - - - - 375 - 375
Deferred tax on share - - - - - - -
options -
Retained earnings tax
adjustments - - - - - (8) - (8)
Issue of new ordinary
shares 14 1,795 - - - - - 1,809
Cancellation of B shares
in subsidiary (2) - - - - - - (2)
Balance at 31 March
2022 3,982 147,112 107 (5,502) (1,150) 61,935 (911) 205,573
Balance at 1 April
2022 3,982 147,112 107 (5,502) (1,150) 61,935 (911) 205,573
Profit and total
comprehensive
income for the period - - - - - 24,098 (265) 23,833
Dividends - - - - - (23,689) - (23,689)
Credit arising on share
options - - - - - 741 - 741
Deferred tax on share
options - - - - - 6 - 6
Retained earnings tax
adjustments - - - - - (9) - (9)
Issue of new ordinary
shares 16 2,469 - - - - - 2,485
Disposal of
non-controlling
interest - - - - - - 1,176 1,176
Balance at 30 September
2022 3,998 149,581 107 (5,502) (1,150) 63,082 - 210,116
-------- -------- ----------- ---------- --------- --------- --------------- --------
Notes to the Condensed Interim Financial Statements
1. General information
The condensed consolidated interim financial statements
presented in this half-year report ("the Half-Year Results") have
been prepared in accordance with IAS 34 as adopted for use in the
UK. The principal accounting policies adopted in the preparation of
the condensed consolidated financial statements are unchanged from
those used in the annual report for the year ended 31 March 2022,
and are consistent with those that the Company expects to apply in
its financial statements for the year ended 31 March 2023.
The condensed consolidated financial statements for the year
ended 31 March 2022 presented in this half-year report do not
constitute the Company's statutory accounts for that period. The
condensed consolidated financial statements for that period have
been derived from the Annual Report and Accounts of Telecom Plus
PLC. The Annual Report and Accounts of Telecom Plus PLC for the
year ended 31 March 2022 were audited and have been filed with the
Registrar of Companies.
The Independent Auditor's Report on the Annual Report and
Accounts of Telecom Plus PLC for the year ended 31 March 2022 was
unqualified and did not draw attention to any matters by way of
emphasis and did not contain statements under s498(2) or (3) of the
Companies Act 2006. The financial information for the periods ended
30 September 2022 and 30 September 2021 is unaudited but has been
subject to a review by the Company's auditors.
Seasonality of business: amounts reported in the half year
period may not be indicative of the amounts that will be reported
for the full year due to seasonal fluctuations in customer demand
for gas and electricity. In respect of the energy supplied by the
Group, approximately two thirds is consumed by customers in the
second half of the financial year.
The Half-Year Results were approved for issue by the Board of
Directors on 22 November 2022.
2. Judgements and estimates
The preparation of the condensed consolidated interim financial
statements requires management to make judgements, estimates and
assumptions that affect the application of policies and reported
amounts of assets and liabilities, income and expenses. The
estimates and associated assumptions are based on historical
experience and various other factors that are believed to be
reasonable under the circumstances, the results of which form the
basis of making judgments about carrying values of assets and
liabilities that are not readily apparent from other sources.
Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an
ongoing basis. Revisions to accounting estimates are recognised in
the period in which the estimate is revised and in future periods
if applicable.
In preparing these condensed consolidated interim financial
statements, the significant judgements made by management in
applying the group's accounting policies and the key sources of
estimation uncertainty were the same as those that applied to the
consolidated financial statements as at and for the year ended 31
March 2022.
3. Alternative performance measures
In order to provide a clearer presentation of the underlying
performance of the group, adjusted profit before tax and adjusted
basic EPS exclude share incentive scheme charges and the
amortisation of the intangible asset arising from entering into the
energy supply arrangements with Eon (formerly npower) in December
2013; this decision reflects both the relative size and non-cash
nature of these charges. The loss for the period attributable to
the non-controlling interest is excluded as these losses are not
attributable to shareholders of the Company. In FY22 adjusted
profit before tax also excludes: (i) the loss on the disposal of
UWHS, (ii) the write-off of goodwill associated with the
conditional disposal of Glow Green; and (iii) the profit on
disposal of a freehold property; this decision reflects the one-off
non-operating nature of these items. In the period ended 30
September 2022 adjusted profit before tax excludes the Group profit
on disposal of Glow Green reflecting the one-off non-operating
nature of this item.
6 months 6 months Year ended
ended 30 ended 30 31 March
September September 2022 (audited)
2022 (unaudited) 2021 (unaudited)
GBP'000 GBP'000 GBP'000
Statutory profit before tax 29,104 19,862 47,208
Adjusted for:
Loss for period attributable to non-controlling
interest 265 144 464
Amortisation of energy supply contract
intangible assets 5,614 5,614 11,228
Share incentive scheme charges 741 585 960
(Profit)/loss on disposal of subsidiaries (3,595) - 1,139
Impairment of goodwill - - 1,536
Profit on sale of freehold property - - (603)
Adjusted profit before tax 32,129 26,205 61,932
------------------- ------------------- -----------------
4. Investment property
Investment properties are properties which are held either to
earn rental income or for capital appreciation or for both.
Investment properties are stated at cost less accumulated
depreciation.
Rental income from investment properties is accounted for on an
accruals basis. The Company vacated its former head office, Southon
House, in 2015 and the property is now held as an investment
property.
An independent valuation of Southon House was conducted on 4
June 2021 in accordance with RICS Valuation - Professional
Standards UK January 2014 (revised April 2015) guidelines. The
independent market value of Southon House was determined to be
GBP11.9 million and has been categorised as a Level 3 fair value
based on the inputs to the valuation technique used. The valuation
was prepared on a Market Value basis as defined in the Valuation
Standards and was primarily derived from using comparable market
transactions carried out on an arm's length basis. These inputs are
deemed unobservable.
5. Intangible assets
Energy IT Software
Supply Contract & Web Development Total
GBP'000 GBP'000 GBP'000
Cost
At 31 March 2022 224,563 35,744 260,307
Additions - 3,349 3,349
At 30 September 2022 224,563 39,093 263,656
Amortisation
At 31 March 2022 (93,567) (14,322) (107,889)
Charge for the period (5,614) (2,847) (8,461)
------------------ -------------------- ----------
At 30 September 2022 (99,181) (17,169) (116,350)
Net book amount at 30 September
2022 (unaudited) 125,382 21,924 147,306
------------------ -------------------- ----------
Net book amount at 31 March 2022
(audited) 130,996 21,422 152,418
------------------ -------------------- ----------
Net book amount at 30 September
2021 (unaudited) 136,610 20,387 156,997
------------------ -------------------- ----------
The Energy Supply Contract intangible asset relates to the
entering into of the energy supply arrangements with Eon (formerly
npower) on improved commercial terms through the acquisition of
Electricity Plus Supply Limited and Gas Plus Supply Limited from
Npower Limited having effect from 1 December 2013. The intangible
asset is being amortised evenly over the 20-year life of the energy
supply agreement.
The IT Software & Web Development intangible asset relates
to the capitalisation of certain costs associated with the
development of new IT systems.
6. Interest bearing loans and borrowings
6 months 6 months
ended 30 ended 30 Year ended
September September 31 March
2022 (unaudited) 2021 (unaudited) 2022 (audited)
GBP'000 GBP'000 GBP'000
Bank loans 100,000 95,000 100,000
Unamortised loan arrangement
fees (487) (446) (785)
99,513 94,554 99,215
------------------ ------------------ -----------------
Due within one year - - -
Due after one year 100,000 95,000 100,000
------------------ ------------------ -----------------
100,000 95,000 100,000
------------------ ------------------ -----------------
7. Dividends
6 months 6 months Year
ended ended ended
30 September 30 September 31 March
2022 2021 2022
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Final dividend for the year
ended 31 March 2022 of 30p
per share 23,689 - -
Final dividend for the year
ended 31 March 2021 of 30p
per share - 23,559 23,559
Interim dividend for the
year ended 31 March 2022
of 27p per share (2021: 27p) - - 21,228
----------------- --------------- ------------
An interim dividend of 34p per share will be paid on 16 December
2022 to shareholders on the register at close of business on 2
December 2022. The estimated amount of this dividend to be paid is
approximately GBP26.8m and, in accordance with IFRS accounting
requirements, has not been recognised in these accounts.
8. Share capital
During the period the Company issued 315,822 new ordinary shares
to satisfy the exercise of employee and distributor share
options.
9. Earnings per share
6 months 6 months Year
ended ended ended
30 September 30 September 31 March
2022 2021 2022
(unaudited) (unaudited) (audited)
The calculation of basic and diluted GBP'000 GBP'000 GBP'000
EPS is based on the following data:
Earnings for the purpose of basic and
diluted EPS 24,098 14,383 35,467
Share incentive scheme charges (net
of tax) 616 493 793
Amortisation of energy supply contract
intangible assets 5,614 5,614 11,228
(Profit)/loss on disposal of subsidiaries (3,595) - 1,139
Impairment of goodwill - - 1,536
Profit on disposal of freehold office
building - - (488)
Earnings for the purpose of adjusted
basic and diluted EPS 26,733 20,490 49,675
--------------- --------------- ------------
Number Number Number
('000s) ('000s) ('000s)
Weighted average number of ordinary
shares for the purpose of basic EPS 78,940 78,526 78,601
Effect of dilutive potential ordinary
shares (share incentive awards) 1,261 193 286
--------------- --------------- ------------
Weighted average number of ordinary
shares for the purpose of diluted EPS 80,201 78,719 78,887
--------------- --------------- ------------
Adjusted basic EPS [2] 33.9p 26.1p 63.2p
Basic earnings per share 30.5p 18.3p 45.1p
--------------- --------------- ------------
Adjusted diluted earnings per share1 33.3p 26.0p 63.0p
Diluted earnings per share 30.0p 18.3p 45.0p
--------------- --------------- ------------
[1] Adjusted profit before tax is defined in note 3 of the
condensed interim financial statements.
[2] In order to provide a clearer understanding of the
underlying trading performance of the Group, adjusted basic EPS
excludes:
(i) share incentive scheme charges; and (ii) the amortisation of
intangible assets arising on entering into the energy supply
arrangements with Eon (formerly npower) in December 2013. The
amortisation of intangible assets and share incentive
scheme charges have been excluded on the basis that they
represent non-cash accounting charges. These balances can be
derived directly from amounts shown separately on the face of
the condensed consolidated interim statement of comprehensive
income.
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END
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November 22, 2022 02:00 ET (07:00 GMT)
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