Octopus Energy makes first profit after buying collapsed rival Bulb

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Octopus Energy made its first annual profit last year thanks to its takeover of collapsed rival Bulb.

The provider had made a loss every year since its launch in 2016, but it soared to a profit of £203 million in the 12 months to the end of April.

This was compared to a loss of £141 million a year earlier and came after buying bankrupt supplier Bulb out of administration in December 2022.

Bulb was initially bailed out by the government during its bankruptcy in November 2021.

It is the largest supplier of more than 30 that collapsed following a sharp rise in wholesale energy prices. The deal gave Octopus an additional 1.5 million customers. Another 300,000 consumers also signed up regardless of the deal. Octopus has 7.7 million customers.

Change in fortunes: Octopus had made a loss every year since its launch in 2016, but it soared to a profit of £203 million in the 12 months to the end of April.

Change in fortunes: Octopus had made a loss every year since its launch in 2016, but it soared to a profit of £203 million in the 12 months to the end of April.

Higher bills also helped revenues triple to £12.5 billion. Octopus said it was the largest supplier of electricity and the second largest supplier of gas to households in the country.

Founder Greg Jackson said: “As a company that directly supplies millions of residential and business customers, our commitment to caring for them and our staff has been more important than ever.

“I am extremely proud of how our team has tirelessly supported our customers throughout the energy crisis.”

Octopus said it invested £69 million during the period to keep prices lower, including keeping its standard variable tariff below the energy price cap and reducing tariffs by 4 per cent. fixed rates.



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