Stuart Burnett46:28
First of all, happy new year. Thanks Stefan for inviting me, thanks Dan for the opening, thanks all of you for being here tonight. Also massive congratulations to everyone who's been recognized, some really incredible achievements. I was actually going to cover three things briefly this evening: first, a little bit about me; second, a bit about why W; and finally, why now. One of the themes that's come across in all the conversation so far tonight is confidence. I'm actually sat here right now feeling more confident about the future with W than I ever have done at this stage of a new year. And you might think it's easy for me as co-CEO, but let me let you in on a secret: for much of my life I found confidence pretty tough. Growing up with a birthmark, I got bullied, called freak Gorbachev, especially in early teenage years. The things that helped me: first, talking to close friends and family; second, throwing myself into football as a Manchester United fan, where being part of a team helped; third, I found I could identify others who felt uncomfortable and build rapport with them; and finally, I realized that being different made me memorable. So I found positives in a negative. And so if I then fast forward to where I am now, I started my career as a corporate lawyer in the City of London, and I went out to New York during the financial crisis. I saw the consequences of Wall Street greed on Main Street, people losing their homes. I pledged to find a business that was different. It took a while, but I eventually found W, a business that ticks three special boxes: uniqueness, structural cost advantage, and social good.
Let me explain those three characteristics. First, uniqueness: we have a unique customer proposition by bundling energy, broadband, mobile, and insurance. No one else does that. Second, the structural cost advantage: we have multiple revenue streams with one set of overheads, allowing us to share savings with customers through discounts and market-leading broadband deals. Third, word of mouth as a barrier to entry: the only way to build a multi-service business is through personal recommendations. Our sales force, you, are the key. No one else has that. And most importantly, the social good: instead of putting money into corporate advertising, we put money into the pockets of real people. This is the opposite of what I saw on Wall Street. These characteristics make W a truly special business.
Now, why now? Over the last couple of years, the business has picked up tremendous momentum. We're approaching the 1 million customer mark, and I believe we could double that in the next five years. With only 3% market share in energy and 1% in broadband and mobile, the opportunity is enormous. Even when we double, we'll still be the seventh largest energy supplier, challenging the new Big Six. The business is in the best shape ever: competitive pricing, record new partner recruitment. Additionally, societal trends are in our favor: the rise of the multi-income individual. Our average active partner earns over £500 per month, which can offset rising household costs. We're also working on future enhancements like EV tariffs, business club relaunch, and expanded insurance products. The time to seize the opportunity is now. Rising tides lift all boats, but for those who really commit, this can be a life-changing income.
We are on the cusp of a major breakthrough. In just a few months, we'll hit 1 million customers. After 22 years to reach 650,000, we've added nearly 350,000 in just 2.5 years. Imagine doubling that again. With 3% energy market share, doubling to 6% still leaves us as the seventh largest supplier. That's the size of the runway. And we have the momentum: we're recruiting 600-700 new partners every week. The research shows 20 million people are looking for extra income. Our model delivers. And we're constantly improving our proposition: EV tariffs, business club, home insurance, and more. This is a business that deserves to win, and you have the chance to ride this wave. Not just to double your business, but to triple or quadruple it. The opportunities are there for those who stand up and surf the tide.
Let me share some research: there are now 20 million multi-income individuals in the country. A decade ago, that was unusual; now it's the norm. We are slightly underweight in that market, meaning huge potential to attract new partners. The average active partner earns over £500 per month, directly addressing the £500 increases households face from mortgage and rent hikes. This income opportunity is unique. But we're not stopping: we're working on EV tariffs, relaunching the business club, and expanding insurance lines like motor, travel, and pet. The competitive landscape has cleared, and we are back in a position to win. So for you, if the business doubles in size, you can double your team and income. But for those who see the opportunity and seize it, you could triple or quadruple. The time is now.