Derry electricity supplier Budget Energy sees profits rise above £4m
DERRY-base electricity supplier Budget Energy has reported before tax profit of over £4 million over the past year.
Budget recorded a 12 per cent rise in pre-tax profits for the year ending June 30 last, with turnover of £32.8 million, down 3.6 per cent on the 2015 figure.
The fall in turnover reflected the reduction in electricity prices across the market as a whole, the benefits of which Budget passed on to their customers through price cuts in the year the company said.
The gross profit margin was 20.8 per cent, a 4.2 percentage improvement on the previous year, while earnings before interest, tax, depreciation and amortisation also came in ahead of expectations at just over £4.2 million
In the year Budget grew its customer base by 11 per cent and the directors declared themselves "satisfied" with the company's financial performance for the year.
Established in 2011 and based in Derry and Belfast, Budget Energy is run by Eleanor McEvoy and supplies thousands of homes, farms and businesses low cost electricity tariffs.
The company has more than 60,000 customers in the north and is expanding into the Republic, and it is reportedly looking to target the lucrative UK energy market.
Around 80 per cent of Budget's customers are pay-as-you-go, meaning there are no monthly payments and no bills in the post.