Financial highlights:

• Revenue up 51.5% to £562.4m (2021: £371.3m)

• Adjusted profit before tax up 22.5% to £32.1m (2021: £26.2m) 

• Statutory profit before tax up 46.2% to £29.1m (2021: £19.9m) 

• Interim dividend increased to 34p per share (2021: 27p)

Operating highlights: 

• Record growth – annualised customer growth rate of almost 24%

• Customer numbers up by 86,004 to 814,684 (March 2022: 728,680)

• Total services supplied up by 292,343 to 2,557,252 (March 2022: 2,264,909)

• Insurance services increased by 67% from 44,834 to 74,948

• Unique multiservice model delivers energy bill savings of over £30m to UW customers this year

• Broadband agreement with TalkTalk extended on improved commercial terms

Current trading and outlook: 

• Net customer growth remains at record levels

• Partner recruitment increasing in response to the cost of living crisis

• We are upgrading our previous guidance and now expect full-year adjusted profit before tax for FY23 of at least £95m, leading to a full year dividend of at least 80p per share (2022: 57p)

• On track to deliver an additional one million customers in the next 4-5 years

Stuart Burnett, Co-CEO, added:

“UW is now the only meaningful energy switching option in the UK, with the rest of the market offering customers little to no difference in price or service.  Our unique multiservice proposition enables us to provide households with energy savings of up to £125 a year below the new Energy Price Guarantee, sustainably and profitably, underpinning our long-term strong competitive position. 

 “These energy savings are expected to put over £30m back into the pockets of UK households this financial year alone.  With financial pressures on families due to increase over the next few years, we expect demand for the savings and earnings that we offer to continue to grow.”