Turnaround from loss
Together Energy hits break even for first time
Paul Richards: ‘extremely proud’
Together Energy, the Clydebank-based energy challenger, has broken even for the first time and has hit £100 million turnover.
The company, established by former British Gas executive Paul Richards in 2016, says the turnaround from a pre-tax loss of £12.3m in 2019, reflects its focus on investment.
Customer numbers in the year to the end of October increased to 320,000 while the payroll has climbed to 370 from 112.
The figures follow the company’s September acquisition of the residential customer base of Bristol Energy.
Mr Richards said: “We’re extremely proud of our performance which has even surpassed our predictions for this year, and this is despite a continuing challenging back-drop for the energy sector.
“Our investment into the business in 2019 has paid off. We were experiencing an upward growth prior to seeking an investor, and our partnership with Warrington Borough Council has enabled us to spearhead this further and our recent acquisition of Bristol Energy’s residential customers is testament to this.
“We’ve experienced a consistent year-on-year growth in turnover and gross profit margin, and to move from an £11m loss to break even is exactly as predicted and a significant achievement.
“Despite the global pandemic and its impact, we are optimistic about our plans for diversification and future growth.”