AGM Trading Statement

Telecom Plus PLC

17 August 2026

 

17 August 2026

Telecom Plus PLC

AGM Trading Update

Encouraging start to five-year growth strategy; Multiservice customer growth running at 2.5x FY26 rate; Partner network at record activity levels

Telecom Plus PLC (trading as Utility Warehouse), the UK's only integrated platform for subscription-style essential household services, is holding its Annual General Meeting today, at which it will provide the following update on trading.

Our new five-year plan, which we announced on 23 June 2026, has made an encouraging start.

●    In the first four months of FY27 (April to July), annualised multiservice customer growth is running slightly ahead of our 10% target for the full year, and more than 2.5x the multiservice customer growth rate of 3.9% achieved in FY26.

●    Momentum in our Partner network is continuing to build, driven by our enhanced multiservice customer proposition:

○    The number of active Partners is running at record levels, with an average of c.4.9k monthly active Partners during the first four months of FY27, up from c.4.2k in the second half of FY26.

○    New Partner recruitment is also performing strongly, with total Partner numbers increasing to over 85k as at the end of July, up from around 77k at the end of FY26. 

○    Our September Partner sales conference in Birmingham is on track to achieve a record level of attendance, with over 5,500 bookings received to date.

●    We have begun to ramp up our in-life cross-selling activity with c.17,000 core services cross-sold in the first four months of the year, putting us on track to deliver our target of 50,000 core services cross-sold for FY27.

●    Our insurance re-platforming onto OpenGI is progressing well, and we remain on track to launch motor insurance to our customers in H2 of FY27.

●    Alongside our role as 'Utilities Partner' for the football National League, our pilot 'Post Office Plus' partnership with the Post Office is now live.

●    Our new brand campaign, including TV, radio, 'out of home' and hyper local activations, is on track for launch early in Q3.

●    Our digitalisation programme is progressing at pace and we are seeing the proportion of customer interactions which are managed digitally, with no human intervention, steadily increasing.

Following this encouraging early progress, we reiterate our full year guidance for adjusted profit before tax of between £80m to £90m for FY27. 

As outlined at our strategy update on 23 June, the phasing of the investment programme will increase the weighting of profitability towards the second half of the financial year, with adjusted profit before tax expected to be split approximately 15%/85% between H1 and H2 respectively in FY27, compared with around 25%/75% last year.  Full year net debt to adjusted EBITDA is expected to peak at around 1.5x during FY27 before reducing to around 1x over the course of the five-year plan.

Alongside the final dividend for FY26 of 12p per share, which will be paid on 28 August to shareholders on the register at 7 August 2026, our £40m share buyback programme has so far resulted in c.2.44m shares being bought back as at 14 August 2026 at an average price of 818.66p, with £20m remaining to be deployed over the coming months.  We will announce details of the interim dividend for FY27, together with an expected extension of the share buyback programme, alongside our half year results in November.

Chairman, Charles Wigoder, commented:

"We have made an encouraging start to FY27, with early momentum from our new five-year plan clearly visible across the business. Multiservice customer growth is tracking ahead of our FY27 target, driven by the initial investments we have made in our customer proposition and the resulting strong performance of our Partner network, where both activity and recruitment are running at record levels.

As we continue our targeted investments in our customer proposition, Partner network, brand awareness and digitalisation, we are building robust foundations for sustained double-digit percentage growth in multiservice customers and high quality earnings. Execution across all operational areas is progressing at pace, and we remain confident in meeting our guidance for FY27 and on track to deliver on our long-term goal of £175 million of adjusted profit before tax by FY31."

For more information please contact:

Telecom Plus PLC	020 8955 5000
Stuart Burnett, CEO
Nick Schoenfeld, CFO
Louise Rich, Head of Investor Relations	[e-mail] / 07486 895017
Peel Hunt	020 7418 8900
Dan Webster / Andrew Clark
Investec	020 7597 5970
Carlton Nelson / Henry Reast
FGS Global	020 7251 3801
Gordon Simpson / Emma Spencer

About Telecom Plus PLC ('Telecom Plus' or the 'Company'):

Telecom Plus, which owns and operates Utility Warehouse, is the UK's only integrated provider of subscription-style essential household services - energy, broadband, mobile and insurance; all these services share similar characteristics where the revenues and profitability are highly predictable, and where customers can be expected to remain with us for an extended period once their chosen services have been successfully migrated.

Customers benefit from the convenience of a single monthly bill, consistently good value across all their utilities and exceptional service levels.

Customers sign up through a national network of local Utility Warehouse Partners, who recommend Utility Warehouse's services to friends, family and people they know.

Telecom Plus is listed on the London Stock Exchange (Ticker: TEP LN). For further information please visit telecomplus.co.uk

LEI code: 549300QGHDX5UKE58G86

Cautionary statement regarding forward-looking statements

This Announcement may contain "forward-looking statements" with respect to certain of the Company's plans and its current goals and expectations relating to its future financial condition, performance, strategic initiatives, objectives and results. Forward-looking statements sometimes use words such as "aim", "anticipate", "target", "expect", "estimate", "intend", "plan", "goal", "believe", "seek", "may", "could", "outlook" or other words of similar meaning.  By their nature, all forward-looking statements involve risk and uncertainty because they are based on numerous assumptions regarding the Company's present and future business strategies, relate to future events and depend on circumstances which are or may be beyond the control of the Company which could cause actual results or trends to differ materially from those made in or suggested by the forward-looking statements in this Announcement, including, but not limited to, domestic and global economic business conditions; market-related risks such as fluctuations in interest rates; the policies and actions of governmental and regulatory authorities; the effect of competition, inflation and deflation; the effect of legislative, fiscal, tax and regulatory developments in the jurisdictions in which the Company and its respective affiliates operate; the effect of volatility in the equity, capital and credit markets on profitability and ability to access capital and credit; a decline in credit ratings of the Company; the effect of operational risks; an unexpected decline in sales for the Company; any limitations of internal financial reporting controls; and the loss of key personnel.  Any forward-looking statements made in this Announcement by or on behalf of the Company speak only as of the date they are made.  Save as required by the Market Abuse Regulation, the Disclosure Guidance and Transparency Rules, the Listing Rules or by law, the Company undertakes no obligation to update these forward-looking statements and will not publicly release any revisions it may make to these forward-looking statements that may occur due to any change in its expectations or to reflect events or circumstances after the date of this Announcement.

 

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