Telecom Plus (TEP) Trading Update summary

H1 trading overview

• Customer numbers rose by 67,000 in H1 FY25, an annualized growth rate exceeding 13%.

• Total services supplied increased by 139,000, reaching 3.266 million.

• The customer base now includes 1.078 million households, with a medium-term target of 2 million.

• Double-digit customer growth has been sustained for three consecutive years, despite energy price fluctuations.

• Growth attributed to a unique multi-service proposition and differentiated market approach.

Strategic initiatives and product launches

• Launched first EV tariff with market-leading overnight charging prices for multi-service customers.

• Introduced fastest full fibre '900' broadband product at the September Partner 'Ignite' event.

• Partners enter H2 with high confidence and strong momentum due to new offerings.

Outlook and guidance

• Confident in achieving 12%-14% customer growth and £124m-£128m adjusted pre-tax profits for FY25.

• Next update scheduled with half-year results on 26 November 2024.