The failure of energy suppliers such as bulb, ampower, igloo, Hub Energy and many, many more has caused great distress to many households, but a lot of them have been able to get help from Utility Warehouse, whose parent is Telecom Plus.
AJ Bell investment director Russ Mould said: “As a result, the FTSE 250 firm is looking forward to healthy further customer and profit increases in the year to April 2024, even after a record twelve months just ended.
“Utility Warehouse is a multi-service provider that offers broadband, mobile and insurance, as well as energy and it is successfully cross-selling to new customers, too, as they seek savings wherever they can get them.
“Telecom Plus added 158,000 customers in the fiscal year that has just ended and provided 530,000 more services.
“Energy was understandably the key driver here, but customers also signed up for mobile, insurance and broadband, while only the legacy wireline telecoms business showed a drop. The insurance business in particular seems to be gaining traction, given how customer numbers more than doubled to 100,590. The creation of in-house insurer UWI is the next step here and, after receiving regulatory clearance, the unit wrote its first policies in April 2023.”
