Telecom Plus — A growth company, with a 5% yield

Telecom Plus trades as Utility Warehouse (UW). It sells energy, broadband, mobile and selected insurance products to consumers who value their time and money and appreciate the simplicity and service. Aware of their own inertia, such consumers are wary of special offers that may ultimately cost them more. UW targets these low-churn customers through a small army of self-employed partners, keeping costs and overheads low. Energy is the most important product, being the biggest cost for most households and the most easily switched. For several years the market was disrupted by a proliferation of undercapitalised operators with unsustainable business models. After the invasion of Ukraine and the leap in energy prices, these operators folded, restoring price rationality. Customer growth has returned to its previous trend rate of double digits.