The not-for-profit energy supplier Robin Hood Energy has reported a £202,000 trading surplus – its first ever – in its financial results for the year to the end of March.
The compares to a £7.6 million loss in its results for the year before.
Revenues nearly tripled from just shy of £26 million to more than £70 million as the number of customer accounts rose by more than 41,000 to almost 168,000.
The supplier moved from an operating loss of £6.5 million to an operating profit of £742,000.
Robin Hood Energy was launched in September 2015 using a £20 million commercial loan from its owner, Nottingham City Council. The company was recently valued at £30 million.
“We are pleased to have officially made an operating surplus within three years of trading,” said Robin Hood chairman and Nottingham City councillor, Steve Battlemuch.
“It’s a big achievement given that most energy companies take at least five years to get to this stage.
“As the first publicly-owned, not-for-profit energy company, we will use our strengthened position to support vulnerable people, tackle fuel poverty and help protect the planet.”
Robin Hood Energy has committed to voluntarily offering its customers the Warm Home Discount in 2018 despite having just 115,000 customers. The mandatory threshold for offering the discount is currently 250,000, although the government has announced plans to lower the minimum to 150,000 in 2020/21.
The supplier has also pledged to “protect” prepayment customers in Nottingham City from price increases and begin buying all of the electricity it supplies from renewable sources.
“I genuinely believe Robin Hood Energy is proof that a new generation of ethical, publicly owned companies can offer an alternative to the big six,” said Battlemuch.
“Together we can revolutionise the energy market.”
Robin Hood Energy has white-labelling arrangements with eight other energy suppliers – most of them council-owned – whereby Robin Hood’s tariffs are sold by its partners under their own branding.
Robin Hood Energy also had a white-labelling arrangement with Brighter World Energy and took on its customers when the supplier closed down in January.