Business
Final Results for the year ended 31 March 2024
Final Results for the year ended 31 March 2024.
About this update from Telecom Plus Plc
[{"type":"text","content":"\n\n\n \n\n\n\n\nEmbargoed until 07.00\n\n\n18 June 2024\n\n\n\n\n \nTelecom Plus PLC\nFinal Results for the year ended 31 March 2024\n \n\"Continuing strong customer growth with record profits and dividend\"\n \nTelecom Plus PLC (trading as Utility Warehouse and UW), the UK's only supplier of bundled household utility services, today issues its final results for the year ended 31 March 2024.\n \nFinancial Highlights\n \n● Revenues of £2,039.1 million (2023: £2,475.2m)\n● Gross profit up 16.0% to £355.2 million (2023: £306.2m)\n● Adjusted pre-tax profit up 21.5% to £116.9 million, slightly above market expectations (2023: £96.2m)\n● Adjusted EPS up 9.9% to 109.0p (2023: 99.2p)\n● Statutory pre-tax profit up 17.6% to £100.5 million (2023: £85.5m)\n● Statutory EPS up 3.8% to 89.9p (2023: 86.6p)\n● Net debt to adjusted EBITDA ratio at 0.9x\n● Full year dividend up 3p to 83p (2023: 80p) per share\n \nOperational Highlights\n \n● The business continues to perform strongly against the backdrop of a normalised energy market, passing the 1 million customer milestone in Q4\n● Organic customer growth of 14.1%, taking our total base to 1,011,489 (2023: 886,579)\n● Service numbers increased by 328,949 to 3,127,097 (2023: 2,798,148)\n● Insurance policies up 38% to 139,109 (2023: 100,590)\n● Ranked \"Best Value for Money\" and \"\"Most Likely to be Recommended\" in Uswitch 2023 Energy Awards; rated \"Excellent\" on Trustpilot\n● Increase in Partner numbers to 68,251 (2023: 59,842) reflecting ongoing strong demand for our income opportunity as cost of living pressures continue\n \nOutlook\n \n● With our recent strong rate of customer growth continuing into FY25, we are confident of delivering organic net customer growth between 12-14% in FY25\n● Adjusted pre-tax profit for FY25 is expected to be between £124m-£128m\n● Ongoing favourable environment for recruitment of new Partners, supported by both short and long-term drivers\n●&n...