Telecom Plus has hailed another record year of profit and customer growth.
For the year ending 31 March 2024, the company reported organic customer growth of 14.1 per cent, leaving it with over 1m customers, up from 886,579 at the end of March 2023.
Gross profit at the firm, which trades as Utility Warehouse and helps simplify its customers’ bills by bundling them together, was up 16 per cent to £355.2m in the 12 months to 31 March. Its adjusted pre-tax profit came in at £116.9m, up 21.5 per cent for the year.
This means that despite a dip in revenue—from £2.48m in the full year to 31 March 2023 to just £2.04m the following year—the firm announced another hike to its dividend. The company increased its full-year dividend from 80p per share to 83p.
Stuart Burnett, co-CEO at Telecom Plus said: “”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. 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.”
After several consecutive years of solid growth, Burnett said the group has the scope to hit 2m customers in the “medium term” without profitability and shareholder returns being compromised.
Adjusted pre-tax profit for the current financial year is expected to be between £124m and £128m thanks to new partners and other “long term drivers.” Customer growth is anticipated to be between 12 and 14 per cent