Telecom Plus announced its financial results for the six months ending September 30, 2024. The company is now the seventh largest energy supplier in the UK with an approximately 3% market share. Revenue for the company during this six-month period reached $878 million, down from $1.1 billion in the same period last year, which the company attributes to lower energy prices. Adjusted profit before taxation was up 5.5% to $58 million. Adjusted EPS was up 12.4%.
Customer numbers increased from 1,011,489 in March 2024 to 1,078,318. The company has experienced three consecutive years of compound double-digit customer growth and expects that momentum to continue into the medium term, when it believes it will hit the two million customer mark.
“We are pleased to see continuing double digit compound growth in customer numbers for the third consecutive year, by continuing to help households to stop wasting time and money,” said Stuart Burnett, Telecom Plus CEO. “Our unique multiservice model means we can continue to provide market-leading savings, and sustainably outcompete, in a wide range of market conditions. With a new, market-leading EV charging tariff and full fiber broadband offering, our Partners have even more ways to help their friends and family to save, whilst building a valuable long-term additional income for themselves. A combination of improved efficiency and the strength of our multiservice model led to a 5.5% increase in adjusted profit before tax, notwithstanding lower revenues in the period as a result of falling energy prices. The tax rises introduced in the recent budget are expected to increase the pressures on household budgets, an environment in which the savings and earnings provided by our business model are likely to be in growing demand. We look forward to helping more and more people up and down the country as we take further strides towards doubling the business to 2 million customers and beyond.”
