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Octopus Energy, a global energy and technology group, announced a remarkable milestone today. It reported a threefold increase in revenues to an impressive £13bn and achieving its first-ever full-year profit of £203m. This financial leap, covering the year ending 30 April 2023, saw revenues skyrocket by 197% from £4bn. Net assets more than doubled, jumping from £473m to £975m, buoyed by solid investor backing.
The retail division of Octopus Energy demonstrated exceptional resilience, absorbing £69m in escalated energy costs. Additionally, it enhanced its financial support program, 'Octo Assist,' to £15m, tripling the fund, and distributed over 38,000 free electric blankets to households in dire need.
A significant factor in this revenue surge was the substantial growth of its international customer base, which nearly tripled to 420,000, reflecting the company's successful expansion into markets like Germany, Japan, and France. Octopus now proudly serves 7.7 million customers globally, including 900,000 outside the UK.
Moreover, the company's tech division, Kraken, successfully migrated 2.2 million Bulb accounts and 2.6 million Origin Energy and E.ON customers onto its software platform. This expansion boosted its contracted annual recurring revenue from £80m to £127m. It increased the accounts served from 24 million to 33 million. Kraken has diversified its reach to include other utilities, partnering with three water firms, one broadband client, and energy giants like E.ON and EDF in the UK, now catering to approximately 54 million accounts.
Greg Jackson, founder of Octopus Energy, hailed the results as a landmark year for the fast-expanding company.
"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," he said. "Our Group spans a wide array of activities across many countries, but as a company that directly supplies millions of household and business customers, our commitment to caring for them and our staff has been more important than ever.
"I'm tremendously proud of the way our team has tirelessly supported customers and clients through the energy crisis."
Co-founding CFO Stuart Jackson said an intense focus on prudent risk management and cost savings delivered through the Kraken platform helped provide a profit margin of 1.6 percent while allowing the company to continue investing in new projects and helping customers through the energy crisis.
"With the backing of major investors from the UK, Australia, Japan, and Canada, we have a strong balance sheet and not only manage a financially robust company but can also continue to invest in lower prices, international growth, and critical innovation in sectors such as heat pumps, EVs, and smart grid technologies," he said.
2023 also marked a year of significant advancements for Octopus. The company launched its solar installation service in the UK and Spain, expanded its heat pump installation service to Germany and Italy, and introduced the 'Fan Club' tariff in the US and Germany, offering discounts to households near wind farms.
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