UK 02:59 Friday, 30 October 2026
Breaking news and expert analysis on fast-moving AIM and LSE listed shares
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
Having previously highlighted areas of particular interest in the accounts of Utilitywise plc (UTW) HERE, a recent “Trading Update” notes that “the group has performed in line with management expectations”. But what does this mean for the areas I highlighted?...
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Comments
alcira16247
Steve
I don’t like this company! It has an appalling reputation within the unregulated TIP energy industry.
Apart from the numerous questions over UTW aggressive accounting policies from financial commentators, there is ……..
Both Ofgem and various other consumer organisations have identified recurring complaints from TPI customers including instances of mis-selling, lack of contractual transparency and poor behaviour. Chief culprits for complaints of mis-selling is Utilitywise.
“Once Utilitywise has authority, they are free to sign you up to any rate they choose. We have seen clear evidence that they are commonly contracting small businesses onto electricity tariffs in the region of 15p/kWh to 20p/kWh and we’ve seen gas tariffs over 5p/kWh. These are extortionate prices for small businesses to bear, in fact you would be better off on a domestic tariff.”
The bizenergysaving.wordpress.com specifically highlights UTWs business practices with commentary from ex and current staff, customers and other TPIs. All pretty shocking stuff, that goes someway in explaining how UTW manages to enjoy margins in excess of 40%! Ofgem are clearly under pressure to hasten implementation of its COP and regulation for the industry, including stringent penalties for bad behaviour.
Its hard to explain, despite the Red Flags and industry reputation of UTW, why it still enjoys the full backing of the largest holder (who recently added more shares) Neil Woodford via his CF Woodford Equity Fund who holds a 15.08% stake.
The Directors, mainly the Thompsons have sold 52mn pounds worth of shares since the UTW IPO in 2012, hardly the biggest vote of confidence for the long term viability of the company!