**Summary of Telecom Plus PLC Half-Year Results (H1 FY26):**
Telecom Plus PLC, operating as Utility Warehouse, reported strong half-year results for the six months ended 30 September 2025, highlighting continued growth and strategic progress.
**Financial Highlights**
**Revenue Growth** Revenue increased by 6.7% to £744.5 million, driven by customer growth and the acquisition of broadband customers from TalkTalk.
**Profitability** Adjusted pre-tax profit was £32.5 million, down from £46.1 million in H1 FY25, due to re-phasing of energy costs. Statutory pre-tax profit was £24.6 million.
**Customer Growth** Customer numbers grew by 19% to 1,386,585, with 222,977 new customers added. Annualised organic customer growth was 11%.
**Dividend** Interim dividend increased to 38p per share from 37p in H1 FY25.
**Operational Highlights**
**Cross-Sell Success** Cross-selling into acquired TalkTalk customers exceeded expectations, with around 5,000 customers upgraded.
**Service Expansion** Service numbers increased by 256,375 to 3,648,968, with strong growth in mobile and broadband services.
**Product Launch** Launched a competitive multi-SIM mobile offering in September.
**Awards** Won Best Value for Money at the uSwitch 2025 Energy awards and Which? Recommended Provider status for Energy and Broadband.
**Strategic Progress**
**Customer Acquisition** Continued strong customer growth, with a compound annual growth rate of 20% over the last four years.
**Partner Network** Favorable environment for recruiting new Partners due to macroeconomic pressures and structural trends.
**Outlook** Confident in meeting FY26 guidance of around 25% total customer growth and £132-£138 million in adjusted pre-tax profit. Aiming for two million customers in the medium term.
**CEO Commentary**
Stuart Burnett, CEO, emphasized the companys ability to deliver double-digit customer growth by helping households save on essential bills. He highlighted the success of cross-selling into TalkTalk customers and the launch of competitive mobile offerings, reinforcing the companys market-leading position.
**Financial Position**
**Net Debt** Net debt to adjusted EBITDA ratio increased to 1.1x from 0.8x in FY25, primarily due to the acquisition of TalkTalk customer contracts.
**Cash Flow** Operating cash inflow was £64.6 million, reflecting operating profit and working capital benefits.
**Future Outlook**
Telecom Plus remains focused on high-quality customer growth, leveraging its unique multiservice model and word-of-mouth acquisition strategy. The company is well-positioned to achieve its medium-term goal of two million customers, supported by its scalable platform and strong financial performance.
**Key Risks and Mitigation**
The company outlined various risks, including reputational, information technology, fraud, legislative, and competitive risks, and detailed measures to mitigate these risks through robust policies, compliance, and strategic partnerships.
**Conclusion**
Telecom Plus PLC demonstrated resilient performance in H1 FY26, with strong customer and revenue growth, despite re-phased energy costs impacting profitability. The company remains confident in its growth trajectory and strategic initiatives, aiming to solidify its position as a leading provider of essential household services in the UK.