Octopus Energy has seen a sharp fall in annual profit as it spent money on bringing in millions more customers, nearly doubling its workforce and installing renewable energy sources.
Octopus’s customer base grew to 7.3m across the UK during the year to April 2024, overtaking British Gas as the largest energy supplier.
According to research group Cornwall Insights, it has grown its market share to just under a quarter of the retail energy market.
The increase in customers was partly because it bought Shell’s retail energy arm, bringing in 1.3m more accounts in December 2023.
But the fast growth prompted a nearly three-quarters fall in pre-tax profit to £77.6million over the 12-month period, down from £283million the previous year.
Revenue was £12.4billion, down from about £12.5billion the previous year, marking a more stable year of income after turnover more than tripled from £4billion the year before.
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