6th Aug 2025 12:11
(Alliance News) - Telecom Plus PLC on Wednesday said it was seeing encouraging results from the trialled acquisition of customers from TalkTalk, as it said it continues to perform well in the financial year to date.
The London-based firm is a multi-utility supplier of gas, electricity, home insurance, and landline, broadband and mobile services to residences and businesses, and owns and operates the Utility Warehouse brand.
Chair Charles Wigoder on Wednesday said the business is continuing to perform well in financial 2026, which runs to March, in a competitive market and is making good progress towards the medium term target of 2 million customers and beyond.
At the end of the financial year to March 2025, Telecom Plus said it had just under 1.2 million customers, itself up 15% year-on-year.
Wigoder said the migration of the 95,000 broadband and landline customers recently acquired from TalkTalk is on schedule, adding Telecom Plus has recently acquired a further 120,000 customers on similar terms to the original cohort.
The additional customers will migrate onto Telecom Plus systems during the second half of financial 2026, Wigoder said.
In April, the company announced a cross-sell trial partnership with UK-based telecommunications peer TalkTalk with 95,000 customers transferred to Utility Warehouse for an undisclosed sum.
On Wednesday, Telecom Plus said it was "pleased" with the results from the initial trials undertaken to upgrade and cross-sell additional services and was seeing "encouraging" early conversion rates.
Both sets of customers are expected to deliver an internal rate of return in excess of the firm's post-tax weighted average cost of capital over the medium term, although the financial benefits in the shorter term will be largely offset by additional costs from onboarding the newly migrated customers, and incentives related to new cross-sell activities, the CEO Wigoder said.
"We reiterate our previous FY26 financial guidance and, as a result of the acquisition of the additional customers from TalkTalk, we now expect total customer numbers to increase by around 25%," he continued.
Shares in Telecom Plus were 2.8% higher at 1,924.60 pence each in London around midday on Wednesday.
By Jeremy Cutler, Alliance News reporter
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