In our third year of trading, we are pleased to report increases in residential customers, business supply volume, turnover, gross margin and social value
- Residential meter points up 36%, to 165,000
- Business customers on supply up 196% to 181 GWh
- Turnover up 45% to £76.2m
- Gross profit up 55% to £5.6m
- Social value delivered up 47% to £6.8m
Strong growth has enabled us to stabilise losses, putting us slightly ahead of plan by reporting a decreased loss of £10.1m in 2018/19 compared to £10.3m in 2017/18.
Bristol Energy particularly welcomed the high customer care levels achieved by the dedicated customer team based in Bristol, as recognised by Trustpilot, Which? and Citizens Advice throughout the year.
Our vision remains to create a sustainable energy company with social value at its heart. We are proud to be able to say we delivered £6.8m social value to our home city of Bristol in 2018/19.
All of this has been achieved against a challenging industry backdrop.
The energy supply market is more competitive than ever before, with over 70 suppliers at the peak in 2018, nine of which have since gone out of business. The OFGEM regulated price cap for Standard Variable Tariffs (SVT) came into effect in January 2019, limiting the price paid by customers. In addition, the wholesale market remains volatile with wholesale energy prices rising and falling in excess of 50% throughout the year, making trading and pricing more difficult.
Thanks to all at Bristol Energy for their continued commitment and hard work to build a different kind of energy company.