Telecom Plus customer base tops one million

6th Mar 2024 08:37

(Sharecast News) - Utilities, insurance and broadband provider Telecom Plus has passed the one-million customer milestone, as it confirmed that trading was in line with expectations for the full year.

The company, which trades as Utility Warehouse, said it has been able to "grow its customer base organically in all market conditions, due to the unique combination of its multiservice customer offering and word of mouth route to market".

It is now setting its sights on doubling the size of the business to two million customers, and expressed confidence in its ability to maintain "market-leading tariffs" across all services.

The company reiterated its expectations to meet current consensus forecasts for pre-tax profit in the year to 31 March of between £110.1m and £116.3m.

"We are now helping more than one million households to stop wasting time and money on their household bills, demonstrating the ongoing strength of our unique business model," said co-chief executive Stuart Burnett.

"Our sights are now firmly set on doubling the business from one million to two million customers through a combination of the market-leading savings customers receive when they take multiple services from us, and the meaningful additional income partners earn from recommending these savings to their friends and family."

The stock was up 1.5% at 1,518p by 0905 GMT.