Octopus Energy has seen a sharp fall in annual profit as it spent money on bringing in millions more customers, nearly doubling its workforce and installing renewable energy sources.
Octopus’s customer base grew to 7.3m across the UK during the year to April 2024, overtaking British Gas as the largest energy supplier.
Revenue was £12.4billion, down from about £12.5billion the previous year, marking a more stable year of income after turnover more than tripled from £4billion the year before.
According to research group Cornwall Insights, it has grown its market share to just under a quarter of the retail energy market.
The increase in customers was partly because it bought Shell’s retail energy arm, bringing in 1.3m more accounts in December 2023.
