Telecom Plus, trading as Utility Warehouse (UW), posted its financial results for the year ending March 31, 2024. Revenue for the company reached $2.59 billion, resulting in a record profit of $451 million, a 16% increase over the previous year. Adjusted pre-tax profit was up 21.5% year-over-year to $148.6 million. Adjusted EPS was also up 9.9% with a net debt to adjusted EBITDA ratio at 0.9x.
The company surpassed the one million customer milestone in the fourth quarter and saw an organic customer growth rate of 14.1%. Insurance policies were up by 38% and service numbers increased by 328,949. Partner numbers increased to 68, 251—up from 59,842 in 2023—which the company believes illustrates strong demand for its income opportunity as the cost-of-living pressures continue to intensify across the UK.
“We are delighted to have delivered another year of record customer numbers, record profits and record returns to shareholders—all through helping households to stop wasting time and money,” said Stuart Burnett, UW Co-CEO. “Our unique multiservice model means we can continue to provide market-leading savings and sustainably outcompete within each of our core markets. At the same time, the additional income opportunity we provide to partners for recommending UW to their friends and family has never been more in demand. With the business in such good health, and having passed through the 1 million customer milestone, our current rate of growth places us firmly on track to double the size of the business to two million customers over the medium term, with a commensurate increase in profitability and shareholder returns.”
