Bristol Energy has reported “stabilised losses”, putting the company slightly ahead of plan, in its annual results.
The challenger energy supplier, which was founded in 2015, reported an operating loss of £10.1 million in the year to the end of March 2019, compared to £10.3 million the year previously.
The council-backed firm has previously said it expects to be in the black by 2021.
Bristol said strong growth had enabled it to stabilise this year’s losses.
Gross profit meanwhile was up 55 per cent to £5.6 million while turnover was up 45 per cent to £76.2 million.
The company also reported increased customer numbers, now at 165,000 – up by 36 per cent.
A statement accompanying the figures described the wholesale market as “volatile”.
It said: “The Ofgem regulated price cap for standard variable tariffs (SVTs) 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 per cent throughout the year, making trading and pricing more difficult.”
In January Bristol posted a total loss of £11.2 million for the year to 31 March 2018.
On 30 July last year it received a fresh £2 million injection of funds from its local authority parent.
You can read Utility Week’s interview with Bristol Energy’s interim managing director Marek Majewicz here.