2017 Annual Report and Accounts

[#1]

Hi all

We've just filed our 2017 Annual Report and Financial Statements with Companies House and I thought you might be interested in a summary of the headlines. 

Members helped us grow the business again and I’m pleased to report another strong set of results. In 2017 we attracted 261,000 more members and our revenue grew by 16% to £407m. That growth increased our profit year on year by 23% to £28.7m.

We know how much you value your data experience so we took a number of measures to improve speeds and the amount of data in our goodybags.  We survey members' perceptions of the data experience and we've seen satisfaction levels improving year on year.  We hope you personally have seen a positive change.

Our average monthly churn (the proportion of our member base that leaves us each month) grew slightly, by 0.07 percentage points, to 4.29%. This is because we've expanded into channels which attract higher churning members so it's connected to our growth and it's something we're focusing on in 2018.

In 2017 we grew even though the market was competitive, we continued to record high levels of member satisfaction and we were recognised again as a Which? recommended provider as well as uSwitch Network of the Year for the 5th year running. Our focus on our Community and our members continues to show that that the giffgaff way is a better way to do mobile.

To make sure our members benefit from our higher profits, 2018 has already seen big changes to our pricing. We've refreshed our goodybags, adding unlimited minutes to all over £10 and extending the range of our goodybags to ensure all members can find something to suit them. It’s all part of our commitment to focus on what our members really want.

Thanks all for your continuing support - let me know if you have any questions and I'll do my best to answer. A link to the full report is below.

Sarah 

You can see the full report here: 

https://beta.companieshouse.gov.uk/company/04196996/filing-history

[#2]

@sarah_ha

Good news on the profit margin

PS. The link doesn't work

[#3]

Wow @sarah_ha profit has risen 23% that's brilliant! And I've noticed the faster speeds of the data, but I'm sure that speed could be faster, although the member churn has slightly risen and could be improved with faster data speeds I'm sure, but overall things are looking good for giffgaff, well done. 👍

[#4]

@suppers_ready

The link doesn't work

The document is available as the top link at https://beta.companieshouse.gov.uk/company/04196996/filing-history

However, that's a grotty scanned bit image so not the easiest to read,

@sarah_ha

It would be better if you could fix the link, so we can read it as proper text instead of that grotty scanned image.

[#5]

@suppers_ready thanks for letting me know, updated now

[#6]

Still getting little or no signal at home let alone decent speed which is really disappointing after all the years I’ve been here. The other networks have improved but not the o2 one.

[#7]

Good news, but, it should be noted that not all members have benefited from pricing and goodybag changes.
Those members who use basic PAYG are still paying far too much at 15p per minute.
The mobile termination rate is only half a pence so that's quite some profit margin.
Feels a bit inequitable to me, particularly if those using basic PAYG are elderly or on a low income.
Time for a reduction please giffgaff.

[#8]

Thanks for the report @sarah_ha Great news onward an upwards giffgaff 👍🏻

[#9]

Team Giffgaff

 Fantastic news and the only way is up👍

Cheers

Yvonne 

[#10]

can`t say ive noticed a lot of difference in the data but still good news that the business continues to be profitable