Telecom Plus PLC

TEP

Equity

ISIN GB0008794710 / Valor 691364

LSE London Stock Exchange, SETS (2024-12-23)

GBP 17.12-0.12%

Telecom Plus PLC
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About company

Telecom Plus PLC, trading as Utility Warehouse, is a FTSE 250 company with a customer base of over a million nationwide. The company offers a unique multi-service approach, allowing customers to bundle together their energy, broadband, mobile, and insurance services to save on household bills. With a focus on long-term, sustainable growth, Telecom Plus has a track record of consistent organic growth and aims to welcome an additional 1 million customers to Utility Warehouse in the medium term.

Summarized from source with an LLMView SourceSector: Telecommunications

Revenue Decline

Telecom Plus PLC reported revenues of £2,039.1 million for the year ended 31 March 2024, a decrease from £2,475.2 million in the previous year. This decline was primarily due to a significant reduction in the Ofgem energy price cap, which averaged £2,140 compared to £3,100 in the prior year.

Profit Increase

Despite the drop in revenue, Telecom Plus PLC saw a 16.0% increase in gross profit, reaching £355.2 million, up from £306.2 million in the previous year. The gross profit margin improved to 17.4%, returning towards historically normal levels.

Adjusted Pre-Tax Profit

Adjusted pre-tax profit for Telecom Plus PLC rose by 21.5% to £116.9 million, slightly above market expectations. This increase reflects the continuing double-digit growth in customer and service numbers, along with a modest tailwind from higher energy prices in the first quarter of the fiscal year.

Dividend Growth

Telecom Plus PLC announced a full-year dividend increase of 3p, bringing the total to 83p per share, up from 80p per share in the previous year. This increase is in line with the company's record profits and strong financial performance.

Customer and Service Growth

Telecom Plus PLC achieved significant organic growth, with customer numbers increasing by 14.1% to 1,011,489 and service numbers rising by 328,949 to 3,127,097. The company also saw a 38% increase in insurance policies, reaching 139,109.

Summarized from source with an LLMView Source

Key figures

6.34%1Y

8.49%3Y

12.2%5Y

Performance

25.0%1Y

30.0%3Y

30.8%5Y

Volatility