The Scottish Mail on Sunday

Bumper year for uSwitch as canny cus­tomers queue up to save cash

- By Sarah Bridge Business · Investing · Belarus · Conrad Black · Belgium · uSwitch · Milford Haven

USWITCH said it has seen ‘record’ ac­tiv­ity on its web­site, which helps con­sumers to com­pare prices and find bet­ter deals for a range of ser­vices.

Ac­counts just filed by the com­pany for the year end­ing Septem­ber 30, 2016, show prof­its of £22.8mil­lion on sales up 39 per cent to £67mil­lion.

Di­rec­tors said the rise was due to both in­creased traf­fic and trans­ac­tion vol­ume. They said uSwitch has ‘a lead­ing po­si­tion in the on­line en­ergy switch­ing mar­ket and con­tin­ues to de­velop its switch­ing propo­si­tion in the money and in­sur­ance sec­tors to pro­vide di­ver­sity and in­creased growth op­por­tu­ni­ties’.

The firm was founded by Lord Mil­ford Haven, Ge­orge Mount­bat­ten, in 2000. He sold it for £10 mil­lion six years later.

USwitch is now part of ZPG plc, for­merly known as Zoopla Prop­erty Group, which floated 40 per cent of the com­pany on the stock mar­ket in 2015. Daily Mail and Gen­eral Trust, pub­lisher of The Mail on Sun­day, is its largest share­holder.

Last year uSwitch paid out £14mil­lion in div­i­dends, down from £17.7 mil­lion the pre­vi­ous year. The high­est-paid di­rec­tor – likely to be chief ex­ec­u­tive Steve Weller – re­ceived £452,000 in salary, ben­e­fits and bonuses.

Dur­ing the Gen­eral Elec­tion cam­paign, uSwitch at­tacked a Tory plan for a price cap on en­ergy bills, de­scrib­ing it as ‘the death knell of com­pe­ti­tion’.

 ??  ?? BO­NANZA: Boss Steve Weller
BO­NANZA: Boss Steve Weller

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