Utilities featured prominently in the Financial Times’ latest annual growth rankings, with Bulb named as the fastest growing company in Europe.
The FT 1000 puts water retailer Everflow at number 3 and Octopus Energy at number 26, with each featuring on the list for the first time.
Research company Statista compiled the list based on European companies that achieved the highest compound annual growth rate (CAGR) in revenue between 2016-19.
Bulb saw growth of 199,626 per cent in the period, with a CAGR rate of 1159.3 per cent, as its revenue grew by £1.497 billion from 2016-19.
The revenue figure relates to its 2019-20 financial results, which have not yet been released. For 2018-19 Bulb recorded an £823 million revenue but a loss of £129 million as it focussed on its growing customer base.
Hayden Wood, Bulb co-founder and chief executive said: “People are voting with their feet for green energy, fair prices and excellent service. As well as increasing our member base, we’ve continued to grow our revenue and keep investing in our team and our global expansion.
“We’re proud to be the fastest-growing company in Europe. We’re fuelling a green recovery, creating hundreds of tech jobs and helping the UK reach its net zero targets.”
Everflow enjoyed growth of 17,940 per cent and had a CAGR of 465 per cent in the same period, with revenue up by £48 million as it developed its water retail business and launched a technology company in 2019 with a sales, billing and customer management platform.
“While we knew we had ranked, it was such a surprise to see that we’d made the top five of such a prestigious list,” said Josh Gill, founder and chief executive of Everflow. “When we started the business, I certainly didn’t think that just five years later we would be one of the fastest growing companies in Europe.”
Gill said the strategy for the next three years is to prioritise investing in technology to drive profits by automating operationally as the company scales up further.
“It’s all about developing tech and processes, all focused on our key aim of making everything simple for customers,” Gill added.
Octopus Energy’s revenue between 2016-19 grew by more than £1 billion and its employee base jumped from 60 to 595 people.
Co-founder and chief financial officer Stuart Jackson said: “It’s fantastic to see Octopus Energy so high in FT’s fastest growing companies list. This year’s ranking proves that the UK’s business sector is not just about financial services anymore – London has evolved into Europe’s energy tech hub. The UK is on its way to become the ‘Silicon Valley of energy’, driving the green energy revolution globally.
“In less than five years we’ve grown our business from a small office in Hammersmith, London, to a global entech leader with bases in the US, Germany, Australia, New Zealand and Japan. Our exceptional growth and recent double unicorn status prove that London can be a launchpad for global tech companies.”