Uswitch sales boosted as customers move car and home insurance providers

Helping customers switch their car and home insurance providers saw sales surge at price comparison website Uswitch, it has been revealed.

The London-based business has reported a turnover of £79.8m for 2023, up from the £63.2m it achieved in 2022.

Newly-filed accounts with Companies House also show the firm’s pre-tax profit improved from £7.3m to £12.4m over the same period.

Uswitch, which was founded in 2000, is owned by US-headquartered Red Ventures which also controls the likes of Lonely Planet.

Uswitch overcomes ‘challenging’ conditions

A statement signed off by the board said: “Revenue increased… despite challenging macroeconomic conditions containing to affect the energy market.

“The growth can be attributed to robust performance across various sectors, notably broadband, insurance and business energy.

“The primary driver of this increase was the company’s focused initiatives to improve car and home insurance switching processes throughout the year.

“By increasing spending on pay-per-click advertising to amplify traffic flow through these channels, the company successfully boosted its revenue streams.”

On its future, Uswitch added: “The business remains profitable despite the challenges in the macroeconomic environment and has continued to identify and invest in processes to further improve operating profit margin in the coming financial year.

“The company aims to continue its mission of being the platform of choice for consumers and partners engaged in household decisions.

“The company will continue to innovate and actively improve current products and develop new products to further improve the consumer and partner experience.

“The directors look forward to launching more innovative products and services in the year ahead.”

The results come after the group behind the likes of Zoopla, Confused.com and Uswitch slashed its pre-tax loss by almost £600m in 2023.

The London-headquartered organisation reported a pre-tax loss of £134.9m for its latest financial year after posting a loss of £714.6m in 2022.

The group’s revenue also surged from £391m to £451.5m over the same period.