Business
Half-Year Results to 30 September 2023
Half-Year Results to 30 September 2023.
About this update from Telecom Plus Plc
[{"type":"text","content":"\n\n\n \n21 November 2023\n \nTelecom Plus PLC\n \nHalf-Year Results for the Six Months ended 30 September 2023\n \n\"Comfortably on track to double the size of our high quality customer base\"\n \nTelecom Plus PLC (trading as Utility Warehouse or UW), which supplies a wide range of utility services focussed on domestic customers, today announces its half-year results for the six months ended 30 September 2023.\n \nFinancial highlights\n● Revenue up 57.1% to £883.6m (2022: £562.4m)\n● Adjusted profit before taxation up 36.1% to £43.7m (2022: £32.1m)\n● Statutory profit before taxation up 22.7% to £35.7m (2022: £29.1m)\n● Borrowing facilities successfully refinanced\n● Underlying net debt to EBITDA ratio (on a 12-month rolling basis) of 0.7x\n● Interim dividend increased to 36p per share (2022: 34p)\n \nOperating highlights\n● The business continues to perform strongly against the backdrop of a normalised energy market\n● Further high-quality customer growth at an annualised rate of over 14%\n● Customer numbers up by 62,601 to 949,180 (March 2023: 886,579)\n● Total services supplied up by 170,698 to 2,968,846 (March 2023: 2,798,148)\n● Deepened long-term E.ON relationship, opening up incremental growth opportunities\n● Expanded broadband service reach by incorporating CityFibre's footprint into our proposition\n \nCurrent trading & outlook\n● Now in 5th consecutive half-year period of delivering comfortable double-digit customer growth\n● Macro-economic pressures continue to provide a favourable environment for new Partner recruitment and engagement\n● 7th largest energy supplier in the UK, consistently offering the lowest-priced tariffs and with significant further organic growth potential ahead: 97 out of every 100 UK households are with another supplier\n● Looking forward to welcoming 1 millionth customer during H2\n● Confident in meeting expectations for the full year, with an initial £10m share buyback commencing in H2\n \nCommenting on today's results, Stuart Burnett, Co-CEO said:\n\"We have consistently offered the lowest-priced energy tariffs in the UK for ...