Octopus Energy has reported a full-year profit of £203 million for the first time since its launch eight years ago.

The results for the fiscal year 2022-2023, ending on 30th April 2023, showcase the company’s financial performance, with revenues tripling to £13 billion.

Despite cumulative losses in UK retail reaching £71 million since its inception in 2016, Octopus Energy maintained a focus on customer affordability.

The company also achieved its highest annual customer gain, adding 1.8 million customers globally through its retail brand, contributing to a total customer base of 7.7 million worldwide.

The company’s tech arm, Kraken, continued to gain market share, serving 54 million accounts globally.

Greg Jackson, Founder of Octopus Energy Group, said: “Octopus Energy Group has continued to build momentum this year.

“By relentlessly focusing on customers, over 700,000 switched to us in 2023. “250,000 people applied for almost 2,000 jobs enabling us to continue to grow our hugely talented team in the UK and across the globe – building world-class technology, looking after customers and innovating to drive a cheaper, cleaner energy system.”

Article source: https://www.energylivenews.com/2024/01/27/octopus-posts-first-ever-203m-profit-in-eight-years/