Profits halve at Energia as greater competition takes toll

Revenues rose at gas and electricity supplier Energia last year, but operating profits almost halved due to greater competition and higher wholesale energy costs.

Turnover at the energy provider rose to €916.3 million from €801.9 million in the 12 months to the end of March 2018. However, operating profits fell 47 per cent to €20.8 million from €39.3 million as pretax profits slumped 52 per cent, from €35.2 million to €16.9 million.

Energia, whose parent Viridian also has substantial business in Northern Ireland, has provided electricity and gas to local businesses since 1999, and is currently a supplier to about a third of all Irish SMEs.

The company paid €18 million in dividends during the reporting period to its parent, as against €30 million in the prior year.

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Energia said non-residential electricity customers rose from 44,900 to 48,200, giving it 22 per cent market share. Non-residential gas customers fell to 4,300 from 5,300, equivalent to 13 per cent market share.

The company has recorded strong growth since entering the residential energy market in 2014. It said combined residential electricity and gas customers rose to 192,100 from 145,300 last year.

Energia was supplying 192,100 sites by year-end, versus 145,300 a year earlier.

A breakdown of the figures shows electricity-only sites jumped to 189,600, while gas-only sites totalled 55,000.

The company employed 56 people with staff costs totalling €5.98 million, up from €5.35 million in the previous year, to ensure that personal data flows are not interrupted.