Telecom Plus announces half-year results and appointment of Co-CEOs

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23 November 2021 - Stuart Burnett promoted from COO to join Andrew Lindsay as Co-CEO on the day the company announces encouraging half-year results.

Telecom Plus, the parent company of multiservice provider Utility Warehouse, has today announced its half year results for FY2022, as well as the elevation of COO Stuart Burnett to Co-CEO. In a busy day for the London based company, the results show a business growing in line with expectations in a changing energy sector - with even more opportunities to grow in the future.

The half-year results show:

  • Revenue up by 6% to £371.3m 

  • Adjusted pre-tax profit of £26.2m, including one-off Ofgem settlement 

  • Interim dividend maintained at 27p per share. 

The business has also shown resilient performance across all areas of the business with an increase in customer numbers to 660,700, with these customers now taking over 2m services from the business. In recent months, that growth was accelerated as the energy market adjusted to the crisis that enveloped it. UW added over 15,000 customers in October alone while also seeing a significant increase in Partner recruitment as the cost of living crisis emerged. And because of this, the business expects to see around 10% growth in customers in H2 with double-digit annual percentage growth thereafter.

And to contend with this potential growth, Telecom Plus has announced that Stuart Burnett, COO since 2019, will be joining Andrew Lindsay as Co-Chief Executive.

Stuart and Andrew have been working closely together since Stuart was appointed COO in 2019. Since then, Stuart has taken ownership of the day to day operational activities of the business, with a keen focus on the customer experience.

Andrew, while overseeing this, has strengthened his bond with the community of Partners who recommend UW services to their friends and families in neighborhoods all over the UK and has focussed his attention on growing and inspiring the Partner community.

Stuart said: ‘I’m thrilled to be joining Andrew as co-CEO at UW. It’s an incredibly exciting time to be stepping up to this role, and I’m delighted to be able to do so at a time when the future of the business is so bright. It’s been a rollercoaster ride over the last 18 months and, thanks to the efforts of our Partners and employees at UW, we’re looking forward to an exciting period for the business. And I can’t wait to help lead the company through it.’ 

Andrew Lindsay, who has been CEO of the company since 2009, will continue to lead the business alongside Stuart, with his focus being on the growing Partner community across the UK. 

Andrew said: ‘I’m delighted that Stuart is joining me as co-CEO. I’ve been working ever more closely with him over the course of the last two years and he’s the right person to join me as we lead this business through an incredibly exciting time. I’m looking forward to spending even more time with our Partners, who have helped this business grow to 660,000 customers, and help lead this business into a brighter future.’

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