Utility Warehouse reports strong half-year results

UW has recorded a 57.1% revenue increase and a 36.1% rise in adjusted profit before taxation in its latest financial results

Utility Warehouse (UW) has reported a surge in revenue, experiencing a 57.1% increase to £883.6 million compared to the same period in 2022, when it stood at £562.4 million.

The company has today disclosed its financial performance for the six months ending on 30th September.

The company, specialising in providing utility services primarily to domestic customers, also saw adjusted profit before taxation rise by 36.1% to £43.7 million, up from £32.1 million in 2022.

UW has also reported customer growth at an annual rate exceeding 14%, with customer numbers increasing by 62,601 to 949,180 as of March 2023.

The company anticipates reaching the milestone of welcoming its one-millionth customer during the second half of the year.

Stuart Burnett, Co-Chief Executive Officer of Utility Warehouse, said: “We have consistently offered the lowest priced energy tariffs in the UK for over two years.”

Andrew Lindsay, Co-Chief Executive Officer, added: “With no obvious end in sight for hard-pressed families across the country, demand for our income opportunity remains high and we are committed to supporting all of our Partners to achieve their personal goals through UW.”

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