AGM Statement

Telecom Plus PLC
08 July 2003


                                Telecom plus PLC


                                 AGM Statement


The first three months of the current financial year have seen a continuation of
the rapid growth we were experiencing during the second half of last year. We
now have around 150,000 customers, an increase of over 11% since the year end.


I am particularly encouraged that we have seen a notable increase in the number
of new applications for our energy services. During the last three months we
received over 11,000 applications, more than double the number we received
during the corresponding period last year. Our energy business is on track to
make a useful contribution to group profits during the current year, whilst
retaining our position as the UK's cheapest supplier of domestic energy.


I am also encouraged by the strong growth in the number of distributors
promoting our services, with over 1,300 new distributors joining since the year
end. Our national training program, the College of Excellence, continues to be
extremely well attended, and we are in the process of extending it to new venues
as well as increasing the frequency at existing venues.


We have not experienced any adverse pressure on our margins so far this year,
notwithstanding the entry into the fixed telephony market of several substantial
new competitors - indeed, we believe the increased awareness generated by their
extensive marketing campaigns will benefit the customer gathering activities of
our own distributors.


We remain the UK's only fully integrated multi-utility supplier, and anticipate
we will benefit from considerable economies of scale as our business continues
to grow. The combination of the customer and new distributor recruitment for the
first three months make us increasingly confident that we will exceed last
year's 40% growth rate in new customers during the current financial year.



Peter Nutting
Chairman

8 July 2003






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