Telecom Plus PLC announced record results for the year ending March 21, 2022, with a 12.3% increase in revenue and 10.3% increase in adjusted pre-tax profit. Adjusted EPS was also up 10.1%.
Total customers increased by 10.8% to 729,000, a number equal to the previous five years of growth combined, with notable improvements in customer retention.
“The business is performing extremely well, delivering record results ahead of expectations,” said Telecom Plus Co-CEO Andrew Lindsay. “Demand for the long-term savings we offer remains high, and underlying organic customer growth is continuing at an annualized rate of around 20% in the new financial year.”
The outlook for customer volume continues to be in line with the guidance of 20% net growth for the full year 2023. With these results, the company’s leadership has cast a vision of signing an additional one million customers in the near future.
“Our partners are growing more and more confident in the value we offer, and as a result are recommending UW to their friends and families in increasing volumes,” said Telecom Plus Co-CEO Stuart Burnett. “By doing so, they are earning meaningful additional incomes that are helping them meet the growing pressures on their personal finances. Working together, we have already seen a return to sustainable 20% growth, and we look forward to signing up a million additional customers over the next four to five years.”