During the financial year 2017/18, Bristol Energy’s residential customers on supply grew by over 62,000 customers, we doubled our business customers supply volume, turnover increased nearly four fold and the company’s gross margin grew by over £3m.
The losses outlined in our latest accounts are in the range of what was expected as we continue to build on the solid position we’ve established within the sector. It has been a tough 12 months for the energy retail market due to market and regulatory conditions, with wholesale energy prices hitting a 10-year high this year.
Despite these challenges we’re continuing to attract new customers and grow our business sustainably – thousands are joining us every month – and we’re helping to tackle fuel poverty in the city with our Fuel Good Fund.
We’re building an energy business that continues to deliver social value in our home city of Bristol while delivering value and choice for customers across the UK.
We also recognise there’s an opportunity to work with our shareholder, Bristol City Council, to further develop our business. We’re redefining the company, to enable a business model which will deliver a variety of projects aimed at providing sustainable and resilient energy platforms for the city. This aligns with the founding principles of the company to help people in our local communities while supporting Bristol in achieving our shared ambition of becoming a carbon neutral city.