Telecom Plus has beat expectations for the 2024 financial year, as the firm passed its one millionth customer milestone in the final quarter.

The utilities supplier recorded an 18% year-on-year drop in revenue to £2.04bn, although with energy as the lowest-margin product, there was relative growth in mobile and broadband services, meaning that gross profit jumped 16% to £355m in the final period of the financial year.

As a result, Telecom Plus’ full-year dividend increased by 3 pence to 83p per share.

The group was able to beat pre-tax profit expectations, increasing by 21.5% to £116.9m.

Furthermore, the business said that it continued to "perform strongly against the backdrop of a normalised energy market", with organic customer growth jumping by 14.1% to just over 1.01 million customers.

Co-chief executive officer at Telecom Plus, Stuart Burnett, said: "We are delighted to have delivered another year of record customer numbers, record profits and record returns to shareholders - all through helping households to stop wasting time and money. Our unique multiservice model means we can continue to provide market-leading savings and sustainably outcompete within each of our core markets. At the same time, the additional income opportunity we provide to partners for recommending UW to their friends and family has never been more in demand.

In its outlook for the 2025 financial year, Telecom Plus said that it is "confident of delivering organic net customer growth between 12-14%", and said that its pre-tax profit for the same period is expected to be between £124m-128m.

Burnett added: "With the business in such good health, and having passed through the one million customer milestone, our current rate of growth places us firmly on track to double the size of the business to two million customers over the medium term, with a commensurate increase in profitability and shareholder returns."

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