TIDMTEP
RNS Number : 6080X
Telecom Plus PLC
27 April 2023
27 April 2023
Telecom Plus PLC
Year End Trading Update and Notice of Results
Telecom Plus PLC (trading as Utility Warehouse and UW), the UK's
only supplier of bundled household utility services, today issues a
trading update for its financial year ending 31 March 2023.
Highlights
-- Record year of growth - almost 160,000 further households choosing UW
-- Profits expected to be in line with expectations
-- Ongoing strong interest in our income opportunity as cost of living pressures continue
-- Total dividend of 80p for the full year (FY22: 57p)
Financial
We expect full year adjusted pre-tax profits to be slightly
above GBP95m, in line with previously upgraded guidance, and
confirm our intention to pay a total dividend for the year of 80p
(FY22: 57p) per share.
Trading
Our unique multiservice proposition enabled us to provide
households with over GBP30m of energy bill savings during the
financial year.
We are pleased to have exceeded our full year growth targets,
with Customer numbers increasing by 157,899 (FY22: 71,269) to
886,579 and service numbers by 533,239 (FY22: 191,112) to
2,798,148. This growth was achieved organically, and against the
ongoing headwind of the market stabilisation charge.
Interest in the income opportunity which we offer to UW Partners
continued to grow over the course of the year, particularly during
the second half, with Partner numbers increasing to almost 60,000.
Our recent annual 'Power Up' conference saw strong Partner
attendance,
reinforcing their high levels of confidence in the UW
proposition and the growing demand for an additional income as the
cost of living continues to rise.
Outlook
Falling wholesale prices are expected to feed through into lower
energy bills later this year, albeit remaining at elevated levels.
At the same time, there is considerable upward pressure on
household budgets, with continued price inflation across the
broadband, mobile and insurance markets. Against this backdrop, and
with record numbers of new Partners joining UW to earn an
additional income, we have confidence in our ability to deliver
another year of double digit organic customer growth.
We look forward to providing a further update with our full year
results for the financial year ended 31 March 2023, which we expect
to announce on 27 June 2023.
Andrew Lindsay & Stuart Burnett, Co-CEOs, said:
"The business has delivered an exceptional performance over the
last 12 months, with record results on virtually all metrics.
"As the UK's only multiservice utility provider, UW remains
uniquely positioned to help families not only save on their
household bills but also to earn a much-needed additional income.
This gives us confidence in our ability to deliver another year of
double digit organic customer growth and to make further progress
towards our target of welcoming an additional one million customers
in the next 4-5 years."
For more information, please contact:
Telecom Plus PLC
Andrew Lindsay, Co-CEO 020 8955 5000
Stuart Burnett, Co-CEO
Nick Schoenfeld, CFO
Peel Hunt
Dan Webster / Andrew Clark 020 7418 8900
Numis Securities
Mark Lander / Joshua Hughes 020 7260 1000
MHP Communications
Reg Hoare / Catherine Chapman 020 3128 8339
About Telecom Plus PLC ("Telecom Plus"):
Telecom Plus, which owns and operates Utility Warehouse (UW), is
the UK's leading multiservice utility provider, offering bundled
household services - energy, broadband, mobile and insurance -
through one account.
Customers benefit from the convenience of a single monthly bill,
consistently good value across all their utilities and exceptional
levels of service.
Customers sign up through a network of local UW Partners all
across the country. These Partners recommend UW's services to
friends, family and people they know by word of mouth.
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.
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