Selkirk firm Spark Energy reports strong growth
A Borders-based independent energy supplier has reported a sharp increase in turnover and profits on the back of strong customer growth.
Spark Energy said revenue increased by 43% to £118.6m in the year to June, while pre-tax profits climbed from £1.27m to £3.4m.
Customer numbers also rose by 20%, to stand at 140,000.
The Selkirk-based firm specialises in supplying gas and electricity to the British lettings market.
Over the year, Spark's workforce increased from 190 to 246. It has since risen to 300, making it one of biggest employers in the Borders.
Since its beginning in 2007, Spark has focused on partnerships with major estate agents, letting agents and landlords.
However the company recently extended its remit to partnerships with social housing organisations.
Chief executive Chris Gauld said: "We are highly encouraged by this significant increase in profit and turnover, which was driven through a combination of continued customer growth and reduction in bad debts.
"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."
Mr Gauld added that the completion of major systems upgrades in the next 12 months would allow Spark to "further accelerate customer growth as the company heads towards becoming a medium-sized independent supplier".