Multi-utility provider makes the most of energy rivals’ failure, new figures out today have shown.
The failure of energy suppliers such as bulb, ampower, igloo, Hub Energy and many, many more has caused great distress to many householders, 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 adding customers at a record pace, hiking its first-half dividend, raising full-year profits guidance and the shares are hitting new all-time highs.
“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 more than 85,000 customers in the first six months of its financial year and provided 292,000 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.”