Octopus Energy saw its revenue grow +160% in the fiscal year 2019/2020, jumping from £477 million to £1.24 billion. Since then, this has continued to grow with the company estimating it will reach £2 billion by the year end April 2021. Gross margins increased from 0.8% to 5.4% (6.8x) driven predominantly by efficiency enabled by Kraken technologies, while gross profit increased from £3.5 million to £67 million (+1,800%). Despite this growth, the company has posted a £53 million loss for the year 2019/2020 due to “relentless investments” in international expansion, technology development, product innovation and customer growth.
Current 12th May 2021 read more »