Telecom Plus backs FY guidance after 'encouraging' start to year

(Sharecast News) - Telecom Plus - which trades as Utility Warehouse - said on Monday that it was confident of meeting its guidance for FY27 and of delivering on its long-term goal of £175m of adjusted pre-tax profit by FY31 following an "encouraging" start to the year.

In an update ahead of its annual general meeting, the company said its new five-year plan, announced in June, has made an encouraging start. Between April and July, annualised multiservice customer growth was running "slightly ahead" of its 10% target for the full year, and more than 2.5x the multiservice customer growth rate of 3.9% achieved in FY26.

It also said that momentum in its Partner network was continuing to build, driven by an enhanced multiservice customer proposition, while the number of active Partners was running at record levels.

In addition, Telecom Plus said new Partner recruitment was performing strongly, while the September Partner sales conference in Birmingham is on track to achieve a record level of attendance, with more than 5,500 bookings received to date.

As a result, the company reiterated full-year guidance for adjusted pre-tax profit of £80m to £90m for FY27.

Chairman Charles Wigoder said: "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."

At 0906 BST, the shares were up 2.6% at 877p.

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