Eight-year turnaround completed as Octopus eyes UK energy crown
Octopus Energy has delivered its first annual profit since launching in 2015 and is now the largest electricity and second largest gas supplier in the country.
The London-based energy firm on Saturday declared a £283m pre-tax profit for the year ending April 30th 2023, against a £165.7m loss for the same period the year prior.
The results mark the company’s first profit since its launch in 2015.
Group revenues tripled from £4bn to £13bn, growth of nearly 200 per cent and added 1.8m new customers through its retail brand.
Greg Jackson, founder and chief executive, said the company had “continued to build momentum this year” and he was “proud of the way our team has tirelessly supported customers”.
“Our Group spans a wide array of activities across many countries, but as a company which directly supplies millions of household and business customers, our commitment to caring for them and our staff has been more important than ever,” he said
“I’m tremendously proud of the way our team has tirelessly supported customers and clients through the energy crisis.”
Octopus has established itself as the UK’s energy darling in recent years and has completed successful expansions into multiple secondary markets such as legal services and data centres,
For the seventh year in a row, it was recently awarded consumer champion Which?’s provider of the year designation.
Amidst the company’s results publication, chief executive Greg Jackson said smart meters, the tool for measuring millions of households’ energy consumption, are “so bad”.
“We’ve had a million such sessions looking at those darned things … the spec is a decade out of date but we have no choice,” he said.
A spokesperson for Octopus Energy told Birmingham Live in response: “We’re a massive fan of smart meters – they’re super important for the energy transition and unlock the power of smart tariffs.”