Telecom Plus PLC (LSE:TEP) anticipates surpassing one million customers in the latter half of the year, after penning its fifth consecutive period of double-digit growth in the six months to September.
Updating on Monday, the Utility Warehouse owner announced a 62,601 jump in customers to 949,180, setting it on course to reach a million in the next six months.
As the firm approaches the milestone, co-chief executive Andrew Lindsay laid out plans to step down, leaving Stuart Burnet as sole head of the company.
Customer growth over the half year to September aided a 57.1% increase in revenue to £883.6 million for the energy, home insurance and broadband provider.
Pre-tax statutory profit increased by 22.7% to £35.7 million, the company - which is the UK’s seventh-largest energy supplier - said in a statement.
“As we approach the next phase of our growth, scaling the business from one million to two million customers, the business has never been in better health,” the firm said.
Given 97 out of 100 customers in the UK are with rival suppliers, Telecom Plus said there was “significant further organic growth potential ahead”.
Telecom Plus added its interim dividend would be increased by 5.9% to 36p, while anticipating up to £10 million would be spent on buybacks in the second half.
Commenting on Lindsay’s departure after 16 years, the company pointed to its co-chief executive structure that has been in place over the past two years, meaning there is a “clear succession path”.
Lindsay will remain with Telecom Plus on a part-time basis over the medium term, the firm added.