The independent supplier now has almost 700,000 customers, and first-half pre-tax profits for 2016 reached £30.4 million. These record profits follow a net loss in full year 2015 of £31.7 million.
The supplier also saw a reduction in carbon intensity of 34 per cent in 2015 compared to the previous year. Ovo reached revenues of £513 million in 2015 and the success has continued into 2016 at an annualised rate of £705 million.
Ovo Energy chief executive Stephen Fitzpatrick said: “I am very proud of Ovo’s exceptional customer growth and delivering its first meaningful profit. Since 2010 we have grown by 61 per cent each year, won countless awards for customer service and in 2015 became the first ever energy company recommended by Which? Magazine.
“Our focus on smart technology is paying off and driving down costs, which we are passing on to our customers in lower bills. In short, our team has worked hard to build a smart and sustainable business. As we look ahead to the rest of 2016, we are committed to delivering fair and transparent pricing, more sustainable energy and an exceptional customer experience.”
The company said digital tools have helped drive down administrative costs which are at a record low of 15.1 per cent of revenues in the first half of 2016.
Ovo is leading in smart meter installations, as 27 per cent of its customers currently have a smart meter installed.
The green-focused supplier said its growth has proven sustainable at a compound average of 61 per cent per year since 2010.
Last month, Ovo announced it would hike prices by 3.6 per cent blaming an increase in wholesale commodity costs for both electricity and gas.