Telecom Plus PLC

Board changes

Telecom Plus PLC (trading as Utility Warehouse or UW), which supplies a wide range of utility services focussed on domestic customers, today announces that Andrew Lindsay has informed the Board of his decision to step down as Co-CEO and from the Board to pursue other interests after 16 years with the Company.  

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.  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 our Partner community.  

Charles Wigoder, Non-Executive Chairman said:

"I would like to thank Andrew for the substantial contribution he has made to the success of the business over the past 16 years.  I am delighted that he has agreed to remain involved on an ongoing basis, sharing his considerable experience throughout our Partner community within which he has developed many strong relationships.

"This seamless succession leaves the business strongly placed for the next phase of growth under Stuart's proven leadership, as we continue to scale the business towards 2m customers and beyond."  

Andrew Lindsay, Co-CEO said: 

"It has been a privilege to work with everyone at UW over the years.  The business is in better health than ever - in terms of financial and operational performance, our competitive customer proposition and our compelling Partner opportunity.  

"As we rapidly approach the 1 million customer milestone, the organic growth opportunity remains vast, and I am excited that I will continue to be involved with the Partner community and to support them in achieving their personal ambitions through UW as it grows. 

"Having shared the CEO position with Stuart for 2 years I am wholly confident that he and the team around him have the experience and skills to continue growing the business whilst maintaining our track record of generating strong financial returns for shareholders."

Stuart Burnett, Co-CEO said:

"After working alongside Andrew as co-CEO for the past two years, I am looking forward to leading UW through its next phase of growth.  The opportunity for UW to significantly increase market share across all of its services, and accelerate the trajectory from 1 million to 2 million customers, has never been greater and the business continues to perform very strongly, with a real sense of momentum on all fronts."  

For more information please contact:

Telecom Plus PLC 

Stuart Burnett, co-CEO                                                                                        020 8955 5000

Andrew Lindsay, co-CEO

Nick Schoenfeld, CFO

Peel Hunt

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About Telecom Plus PLC ("Telecom Plus"):

Telecom Plus, which owns and operates Utility Warehouse (UW), is the UK's leading multiservice utility provider, offering bundled household services - energy, broadband, mobile and insurance - through one account.

Customers benefit from the convenience of a single monthly bill, consistently good value across all their utilities and exceptional service levels. 

Customers sign up through a network of local UW Partners all across the country. These Partners recommend UW's services to friends, family and people they know by word of mouth. Telecom Plus is listed on the London Stock Exchange (Ticker: TEP LN).  For further information please visit telecomplus.co.uk

LEI code: 549300QGHDX5UKE58G86

Cautionary statement regarding forward-looking statements

This Announcement may contain "forward-looking statements" with respect to certain of the Company's plans and its current goals and expectations relating to its future financial condition, performance, strategic initiatives, objectives and results. Forward-looking statements sometimes use words such as "aim", "anticipate", "target", "expect", "estimate", "intend", "plan", "goal", "believe", "seek", "may", "could", "outlook" or other words of similar meaning.  By their nature, all forward-looking statements involve risk and uncertainty because they are based on numerous assumptions regarding the Company's present and future business strategies, relate to future events and depend on circumstances which are or may be beyond the control of the Company which could cause actual results or trends to differ materially from those made in or suggested by the forward-looking statements in this Announcement, including, but not limited to, domestic and global economic business conditions; market-related risks such as fluctuations in interest rates; the policies and actions of governmental and regulatory authorities; the effect of competition, inflation and deflation; the effect of legislative, fiscal, tax and regulatory developments in the jurisdictions in which the Company and its respective affiliates operate; the effect of volatility in the equity, capital and credit markets on profitability and ability to access capital and credit; a decline in credit ratings of the Company; the effect of operational risks; an unexpected decline in sales for the Company; any limitations of internal financial reporting controls; and the loss of key personnel.  Any forward-looking statements made in this Announcement by or on behalf of the Company speak only as of the date they are made.  Save as required by the Market Abuse Regulation, the Disclosure Guidance and Transparency Rules, the Listing Rules or by law, the Company undertakes no obligation to update these forward-looking statements and will not publicly release any revisions it may make to these forward-looking statements that may occur due to any change in its expectations or to reflect events or circumstances after the date of this Announcement.