Utility Warehouse Top 363,595 UK Broadband Users and Change CEO

Energy and telecoms provider Telecom Plus, which trades as UW (Utility Warehouse), has published their latest H1 FY24 results today and revealed that their broadband ISP has a total customer base of 363,595 (up by 22,203 in the year) and their mobile base hit 424,114 (up by 60,052). The operator also has a new CEO.

In terms of that CEO change, UW announced today that – after 16 years with the company – the operator’s current CEO, Andrew Lindsay, is stepping down as Co-CEO and from the Board to “pursue other interests“. Stuart Burnett will become sole CEO from the AGM next summer. He joined the business in 2016 and has been Co-CEO with Andrew since 2021.

However, it’s noted that Andrew will subsequently remain with the business on a part-time basis, for at least the next 3 years, with a focus on supporting and further growing their Partner community. Meanwhile, on the financial front, the operator saw total revenue grow by 57.1% to £883.6m (2022: £562.4m) and profit before tax was also up 36.1% to £43.7m (2022: £32.1m).

Stuart Burnett, Co-CEO, said:

“We have consistently offered the lowest-priced energy tariffs in the UK for over 2 years. Our unique multiservice model means we can continue to sustainably beat the competition, and is the primary driver of our continued rapid growth.

We are fast approaching the 1m customer milestone, and our current rate of growth places us firmly on track to double the size of the business by welcoming a further million customers to UW over the medium term.”

We should point out that UW currently sells full fibre broadband packages via both Openreach and CityFibre’s networks, although their coverage via the latter is through an existing relationship with TalkTalk’s Wholesale division. In the future, the latter could extend to some of the other alternative networks that TalkTalk work with (e.g. Freedom Fibre and CommunityFibre).