PrePayPower (PPP), the electricity company backed by investors including Ulric Kenny and Andrew Collins, almost doubled its revenue last year to €78.5 million as Irish homeowners clicked with the pay-as-you-go power model.
The company, which began operations in 2011 as mainstream power companies struggled with a spike in arrears, said it would finish this year with 100,000 customers, giving it close to 5 per cent of the consumer electricity market.
Accounts for 2014 provided to The Irish Times show the company's sales last year rose from less than €40 million the prior year. Mr Collins, who owns a stake of about 30 per cent and is also group chief executive, said it would record double-digit percentage growth in 2015.
PPP recorded a net profit for 2014 of €2.5 million, according to the accounts. This was up from a €1.5 million loss the previous year. It still has losses of about €1 million on its balance sheet.
Mr Collins said the strong growth was due to a concerted campaign to sign up consumers in the pay-as-you-go market, which is still proportionally four times smaller in the State when compared with Northern Ireland.
PPP is the largest dedicated prepay supplier in the Irish market. Its rivals include Pinergy, although the mainstream power companies all also have prepay offerings.
Prepay power firms instal top-up meters in consumers’ homes, which are topped up with vouchers bought at retail outlets, similar to the prepaid mobile phone market.