Telecom Plus (LSE:TEP) maintained its full-year guidance for adjusted pre-tax profit of between £80 million and £90 million after reporting growth in customer and partner numbers during the first half.
The company, which operates under the Utility Warehouse brand, said multiservice organic customer numbers were growing at an annualised rate of more than 11%, while total organic customers reached approximately 1.32 million.
Telecom Plus said the performance reflected growth in its partner network and changes to its multiservice propositions as it progresses its five-year plan.
Partner Network Expands to More Than 88,000
Monthly active partner numbers increased by approximately 15%, while the total number of partners rose above 88,000.
The company also reported record attendance at its sales conference and has introduced incentives including share options and an unlimited mobile offering as part of its efforts to expand the partner network.
Telecom Plus is preparing a broader brand advertising campaign and continues to focus on increasing the number of services taken by individual customers across its energy, broadband, mobile and insurance products.
The group also reported progress with its digitalisation and insurance initiatives.
£40 Million Share Buyback Underway
Telecom Plus outlined a £40 million share buyback and said additional shareholder distributions are expected to be weighted towards the second half of the financial year.
The company is also targeting a reduction in leverage over the course of its five-year plan.
Telecom Plus noted that BT’s acquisition of its broadband platform provider provides additional security around its connectivity arrangements.
Management continues to target double-digit multiservice customer growth under its five-year strategy, while maintaining its FY27 adjusted pre-tax profit guidance of £80 million to £90 million.
Telecom Plus Operations
Telecom Plus operates as Utility Warehouse and provides household services including energy, broadband, mobile and insurance.
Customers can combine multiple services on a single monthly bill, with customer acquisition primarily conducted through the company’s nationwide partner network.
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