Challenger energy supplier Bulb has insisted the £129 million loss it has posted in its latest accounts is “part of the plan” to focus on growth, with an ultimate aim of having 100 million customers worldwide.
The London-based disruptor, which provides power to more than 1.6 million customers in the UK, has issued an update on its finances for the year ending March 2019.
Companies House lists the supplier’s accounts as overdue but a spokesperson said they have now been filed, putting the delay down to auditors falling behind schedule in the run up to the Christmas holidays.
In a statement, Bulb said the 360 per cent increase in net losses was part of the company’s plans to invest in growth both in the UK and overseas, as well as in new technology.
A spokesperson told Utility Week: “Our aim is for as many people to switch to renewable energy as possible. Losses are part of that plan at this stage, and we’ve seen a five-fold increase in our revenues this year.
“Like many other innovators, we’re choosing to reinvest that money in growth and new product development.”
Bulb added that its revenues increased to £823 million from £183 million.
The supplier also provided an update on its smart meter rollout which it began in February 2019. So far Bulb has installed 195,000 second-generation (SMETS2) meters and the supplier is testing a smart tariff following a recent partnership with Samsung.
In a joint statement Hayden Wood and Amit Gudka, co-founders of Bulb, said: “We’ve made great progress on our aim to switch as many people as possible to affordable, renewable energy.
“At the end of last year we were recognised as the fastest growing private company in the UK for the second year running, our revenue grew fivefold and we’re now helping over 1.6 million members to save on their bills and cut carbon emissions.”
Wood said the company was “just at the beginning”, adding “our goal is to supply 100 million homes around the world with affordable renewable energy”.