Telecom Plus PLC Report and Accounts
Report and Accounts
Year ended
Contents
Strategic Report
|
Our Story |
1 |
|
Our Approach |
2 |
|
Financial and Operational Highlights |
3 |
|
Chairman's Statement |
4 |
|
Co-Chief Executives' Review |
7 |
|
Financial Review |
18 |
|
Principal Risks and Uncertainties |
21 |
|
People and Organisation |
28 |
|
Sustainability Report |
32 |
|
|
44 |
Governance Reports
|
Board of Directors |
51 |
|
Corporate Governance Statement |
54 |
|
Nomination Committee Report |
61 |
|
Audit and Risk Committee Report |
63 |
|
Directors' Remuneration Report |
66 |
|
Directors' Report |
88 |
|
Directors' Responsibilities |
92 |
Financial Statements
|
Independent Auditor's Report to the members of |
93 |
|
Financial Statements |
103 |
|
Notes to the Financial Statements |
109 |
|
Shareholder Information |
145 |
Our Story
We grow when happy customers choose to become
We want people to stop having to think about the cost and hassle of running their home.
Which is why we offer long-term savings on household bills and an experience people never need to switch away from.
Through getting paid for introducing people to
We now have almost 887,000 customers and are on track to hit our target of helping another one million households to save time and money with us.
Strategic Report
Governance Report
Financial Statements
Shareholder Information
Our Approach
Everything in one
We bundle together all your home services - energy, broadband, mobile and insurance - into one, great value, monthly bill. And the more services our customers take, the more they save.
A structural cost advantage
All your home services in one
We generate multiple revenue streams from a single set of overheads, which means we're consistently priced competitively across each of the services we supply. This creates a highly attractive and referrable proposition which is further fuelled by word-of-mouth, and in particular our Partners, who acquire high-quality, multiservice customers on our behalf, maintaining our unique structural cost advantage.
Our word-of-mouth model
Unlike other suppliers, we don't acquire our customers directly. In fact, almost every one of our 887,000 customers has been introduced to us by word-of-mouth. And at the heart of that are our
Financial and Operational Highlights
Revenue
|
2017 |
£2,475.2m |
|||||
|
on |
||||||
|
increase |
||||||
|
.4% |
||||||
|
234 |
||||||
|
£740.3m |
£792.9m |
£804.4m |
£875.8m |
£861.2m |
£967.4m |
|
|
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
|
Adjusted pretax profit* |
||||||
|
2017 |
£96.2m |
|||||
|
on |
||||||
|
increase |
||||||
|
.5% |
||||||
|
80 |
||||||
|
£53. |
£54.3m |
£56.3m |
£60.8m |
£56.1m |
£61.9m |
|
|
3m |
||||||
2017 2018 2019 2020 2021 2022 2023
Services provided
|
2017 |
|||||
|
on |
2,798,148 |
||||
|
.7%increase |
|||||
|
63 |
|||||
|
1,709,495 |
1,748,124 |
1,901,319 |
2,022,706 |
2,073,797 |
2,264,909 |
2017 2018 2019 2020 2021 2022 2023
- Revenues increased to £2,475.2 million (2022: £967.4m)
- Adjusted pre-tax profit* up 55.4% to £96.2 million (2022: £61.9m)
- Adjusted EPS* up 57.0% to 99.2p (2022: 63.2p)
- Statutory pre-tax profit up 81.1% to £85.5 million (2022: £47.2m)
- Statutory EPS up 92.0% to 86.6p (2022: 45.1p)
- Full year dividend of 80p (2022: 57p) per share
- Number of customers up 21.7% to 886,579
- Number of services supplied up 23.5% to c. 2.8m
- Sustainable multiservice cost advantage enabled us to save our customers over £30m on their energy bills alone during the year
- Insurance business more than doubled to over 100,000 policies
- Ranked top supplier in Uswitch Energy Awards for 'Best Customer Service' and 'Most Likely to Recommend'; 3rd in Which? Broadband Satisfaction survey
- 25% increase in Partner numbers to almost
60,000 (2022: 48,000) reflecting ongoing strong interest in our income opportunity as cost of living pressures continue to be felt byUK households
*Adjusted pre-tax profit (£96.2m) and Adjusted EPS exclude share incentive scheme charges (£2.8m), amortisation of the energy supply contract intangible asset (£11.2m), the minority share of Glow Green losses (£0.3m), and the profit on disposal of Glow Green (£3.6m). The reconciliations for adjusted profit before tax and adjusted EPS are set out in notes 1 and 19 respectively of the financial statements.
Strategic Report
Governance Report
Financial Statements
Shareholder Information
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