Report and Accounts

Year ended 31 March 2021

Contents

Strategic Report

Financial and Operating Highlights

1

Our Approach

3

Our Services

4

Chairman's Statement

6

Chief Executive's Review

10

• Business model

10

• Our markets

11

• Strategy

13

• Operational performance and non-financial KPIs

14

Financial Review

20

Principal Risks and Uncertainties

22

People and Organisation

28

Sustainability Report

32

Governance Reports

Board of Directors

41

Corporate Governance Statement

44

Nomination Committee Report

49

Audit Committee Report

50

Directors' Remuneration Report

53

Directors' Report

73

Directors' Responsibilities

77

Financial Statements

Independent Auditor's Report

79

Financial Statements

88

Notes to the Financial Statements

94

Shareholder Information

127

Revenue

increase

on

2015

18%

£875

£861

2m.£729

7m.£744

3m.£740

9m.£792

4m£804.

8M.

2m.

2015 2016 2017 2018 2019 2020 2021

Adjusted pretax profit*

increase

on

2015

21%

2m.£46

8m.£48

3m.£53

3m.£54

3m.£56

8m.£60

1m.£56

2015 2016 2017 2018 2019 2020 2021

Services provided

increase

on

2015

32%

1,639,558

1,709,495

1,748,124

1,901,319

2,022,706

2,073,797

1,570,759

2015

2016

2017

2018

2019

2020

2021

  • Revenue of £861.2 million (2020: £875.8m)
  • Adjusted pre-tax profit* of £56.1 million (2020: £60.8m)
  • Statutory pre-tax profit of £43.5 million (2020: £48.1m)
  • Adjusted EPS* of 57.4p (2020: 61.8p)
  • Statutory EPS of 41.5p (2020: 45.9p)
  • Full year dividend maintained at 57p
  • Continued growth in both customers and Partners
  • Number of services supplied up 2.5%
  • Resilient performance across all aspects of the business despite covid challenges
  • Good progress in digital transformation project
  • Which? Utilities Brand of the Year 2020

*Adjusted pre-tax profit (£56.1m) and Adjusted EPS exclude share incentive scheme charges (£1.4m) and amortisation of the energy supply contract intangible asset (£11.2m). The reconciliation for adjusted EPS is set out in note 18 of the financial statements.

Report Strategic

Reports Governance

Statements Financial

Information Shareholder

Telecom Plus Plc Report and Accounts 2021 / 1

Strategic

Report

Our Approach

Everything you need in one

We bundle together all your home services - energy, broadband, mobile and insurance - into one, great value, monthly bill. And thanks to our inherent economies of scale one set of overheads, multiple revenue streams - the more services our customers take, the more they save.

Our green initiatives

Our green fixed tariff means customers who take all of our services can run their homes on 100% certified renewable electricity. We also plant a tree for every new customer who switches all their services to UW. What's more, our free LED light bulb offer helps to reduce our customers' electricity consumption.

All your home services in one

Our Partner model

Unlike other suppliers, we don't acquire our customers directly. Instead, we have a network of 48,000 self- employed distributors - our Partners - who recommend our services to family, friends and people they know. This word-of-mouth model is at the very heart of our business and has helped us to save time and money for our growing customer base, currently 657,000 strong.

Report Strategic

Reports Governance

Statements Financial

Information Shareholder

Which? Recommended Provider for over 10 years running

Now with more than 30 Which? awards over 14 years, including the only company to have won Which? 'Utilities Brand of the Year' twice, most recently in 2020.

Telecom Plus Plc Report and Accounts 2021 / 3

This is an excerpt of the original content. To continue reading it, access the original document here.

Attachments

  • Original document
  • Permalink

Disclaimer

Telecom Plus plc published this content on 23 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 June 2021 12:06:00 UTC.