Telecom Plus multi-service customer growth runs at three times last year’s rate as FY27 guidance holds

Telecom Plus (LSE: TEP), which trades as Utility Warehouse, said its multi-service customers grew at an annualised rate of over 11% in the first half, ahead of its 10%-plus full-year target. Guidance was reiterated, not raised.

The trading update came at 7am today, before the open. At 9:23am the shares stood at 856p, against a previous close of 825p, a rise of about 3.8%. The five-day chart below, in 15-minute candles, shows the move around the update.

Multi-service customers, meaning those taking more than one service, rose to about 526,000 from about 498,000 at the FY26 year-end. Annualised means half-year growth scaled to a full year. The company put that at roughly three times the FY26 rate.

Single service customers grew at about 8.5% annualised to about 791,000, from about 759,000. Total organic customers rose about 9.7% annualised to about 1.32m, from about 1.26m.

The growth leans on Partners, the self-employed local sales agents. Monthly active Partners averaged about 4.9k in the first half, up around 15% from about 4.2k in the second half of FY26. Total Partners topped 88k, from about 77k.

The company said a record c.6k Partners attended its Amplify conference in Birmingham in September. There it launched an unlimited mobile offer and a Partner share options scheme: a 1 million market-price share option pot based on sustained activity to June 2030.

“We are building the foundations for sustained double-digit multi-service customer growth with commensurately higher quality earnings, and are confident in meeting our full year guidance for FY27 as we progress toward our long-term goal of £175 million of adjusted profit before tax by FY31.”

Stuart Burnett, CEO

FY27 adjusted profit before tax guidance stays at £80m to £90m, weighted about 15% to the first half and 85% to the second. Year-end net debt to adjusted EBITDA is expected around 1.5x.

As at 2 October the £40m buyback had bought about 3.8m shares at an average 821.24p, leaving about £9.0m to deploy over coming months. FY27 distributions are weighted about 40% interim and 60% final. First-half results are due on the 24th of November.