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Spark Energy has more than doubled its profits for the year to June 2015.
The independent supplier has seen its pre-tax profits increase to £3.4 million, up from £1.27 million, and the company’s turnover has also grown from £83 million to £118.6 million.
The electricity and gas supplier to the lettings market has predicted further expansion as the rented homes sector in the UK continues to grow, despite recent tax changes for buy-to-let landlords.
Spark Energy chief executive, Chris Gauld attributes their success to “providing customers with the very best service”.
He 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.
“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. We are now in an excellent position to continue our growth by providing our customers with the very best service – official figures showing that we receive around a third of the complaints of the best performing Big Six supplier.”
Spark’s report also revealed a 20 per cent rise in customer numbers and £1.2 million investment in the company’s operational and IT infrastructure.
Gauld said that completion of major systems upgrades in the next 12 months would allow Spark to further accelerate customer growth as the company plans to become a medium-sized independent supplier in the near future.
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