Spark Energy sees turnover rise 126%
Apr 22, 2014 by Spark Energy
Spark, the UK’s only specialist energy supplier for the rental sector, has announced a rise in turnover of 126% in 2013, to £40.7million.
For the year ended 31 July 2013, the independent energy supplier has also made its first profits of £337,469, against a loss of £3.26million in 2012.
The growth of the business has been attributed to a surge in the number of customers choosing Spark, more than doubling in the year, following substantial investment in the company’s customer services and market offering.
Chris Gauld, the CEO of Spark, comments: “As an independent energy supplier we have had to overcome numerous challenges and work in a market which has always been geared against us, yet we have succeeded. Through the hard work of our employees and substantial investment into the company we are now more able to compete with our larger peers.
“While there are still a number of obstacles to overcome to make our industry fair and competitive, we are now seeing an air of change in the energy industry. It is a very exciting time for us as a company and we are now in the perfect position to ensure we continue to grow while providing our customers with the very best service at competitive rates.”
Earlier this year Spark entered into a wholesale trading agreement with Morgan Stanley Limited which allowed the company to access wholesale energy prices for the first time. In return for agreeing to buy its wholesale gas and electricity from Morgan Stanley Commodities, Spark Energy has obtained access to long term hedging and supply arrangements for its core commodities on extended payment terms and on a collateral-free basis.