Profits at Spark Energy – the Borders-based electricity and gas supplier which specialises in the rental sector – more than doubled profits in its last financial year.
It reported a 43% increase in turnover to £118.6 million from £83 million, with pre-tax profits sparking forward from £1.27 million to £3.4 million.
With the number of customers also rising – by 20% – to 140,000 households, Spark Energy predicts further expansion as the GB rented homes sector continues to grow despite recent tax changes for buy-to-let landlords.
Chris Gauld, Chief Executive, said: “The market is moving strongly in our direction, with the number of people renting their homes doubling in the past 10 years.
“Despite having to overcome the numerous obstacles of succeeding in an energy market which has always been challenging for new entrants, the hard work and substantial investment we’ve put in means we’re now firmly established and more than able to compete with the Big Six.
“There are still a number of hurdles to overcome to make our industry a more level playing field, but we’re seeing real changes in the GB energy industry.
“This is a very exciting time for us as a company and we are now in an excellent position to continue our growth by providing our customers with the very best service – official figures showing that we receive around a third of the complaints of the best performing Big Six supplier.”