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Bulb saw losses reduce in 2020

Bulb has posted a revenue of more than £1.5 billion for 2020, almost doubling what it achieved in the year previously.

In 2019 the London-based retailer posted an £823 million turnover, however its latest results to 31 March 2020 show this increased by 85 per cent to £1.52 billion.

The disruptor brand also revealed it increased its gross profit by £169 million to £177 million.

However, it posted a £63 million pre-tax loss for the financial year, following a loss of £129 million in the previous year.

Bulb said it had won 15 per cent of switches in 2019, with customer numbers increasing by 46 per cent between March 2019 and 2020. It now serves around 1.7 million in total, or 6 per cent of the market.

The retailer was recently listed as Europe’s fastest growing company by the Financial Times. 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.

Last year it insisted the £129 million loss it posted was “part of the plan” to focus on growth, with an ultimate aim of having 100 million customers worldwide.

Speaking in response to the latest results Hayden Wood, co-founder and chief executive of Bulb, said: “As our 2019/20 accounts show, 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.

“Our team’s grown to over 1,000, our international markets are growing fast and we’re looking forward to launching in more new markets soon.

“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.”