Profits up at Energia on back of rise in residential customers

Gas and electricity supplier Energia reported a 48 per cent jump in profits last year despite a drop in revenues as the number of residential customers it has increased.

The energy provider, which followed other rivals in hiking electricity prices in late 2017, recorded turnover of €801.9 million versus €834 million a year earlier.

The company attributed the decline in revenues to a number of factors including lower-non-residential revenues, which it said was partially offset by increased residential sales volumes.

Pretax profits jumped to €39.3 million from €26.5 million in the 12 months to the end of March 2017 having increased 30 per cent in the prior year.

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Energia, whose parent Viridian also has substantial business in Northern Ireland, has provided electricity and gas to Irish businesses since 1999 and is currently a supplier to about a third of all Irish SMEs.

Newly filed accounts for Viridian Energy Limited, which trades as Energia, show the company was supplying 50,200 non-residential customers at the end of the reporting period, down from 52,100 a year earlier.

Residential

Energia entered the residential market three years ago and chalked up more than 60,000 accounts within just six months. The latest accounts show the company’s residential business is still growing. Energia was supplying 145,300 sites by year-end, versus 117,600 sites a year earlier.

A breakdown of the figures shows electricity-only sites jumped to 106,900 from 81,700 last year, while gas-only sites climbed to 38,400 from 35,900.

The company said customer numbers have continued to grow and it now has more than 150,000 residential and almost 60,000 business subscribers.

Energia employed 48 people with staff costs rising to €5.03 million last year from €3.8 million.

The company paid a dividend of €30 million to its parent Viridian Power and Energy Holdings Ltd last year, following a €40 million payout a year earlier.