Energy retailer profits from pandemic lockdown frugality

Bolton-based energy retailer Love Energy Savings has seen profits surge by £850,000 during lockdown as increasing amounts of business and domestic customers trust them to bring their bills down.

The 28% increase comes as revenues rose by one fifth in the past six months to £1.4m.

And it follows a 15% leap in switches being completed through the company’s web platform over the past year.

The results indicate how the challenging economic conditions are prompting consumers to be more proactive in switching their energy suppliers.

And the firm claims it is a vindication of its strength in securing market-leading prices for its customers through exclusive deals.

Chief executive, Phil Foster, said: “The past six months have presented businesses and consumers with unprecedented challenges.

“We’re proud to have helped thousands of businesses secure average annual savings on their utility bills, of £875.

“As we make our way through choppy economic waters, we’re determined to continue innovating and securing the best deals across the sector to drive utility bills down for households and SMEs across the country.”

The success follows year-on-year growth of 50% in 2019 during which EBITDA increased from £2m to £3m.

Phil added: “By using our world-class platform, in just four clicks new and existing customers can find a better energy deal that could save them hundreds of pounds.

“That’s a key driver in our increasing levels of customer loyalty over recent months which has seen profit outstrip revenue growth for the first time.

“It’s also a vindication for our decision to roll up our sleeves through lockdown and maintain customer service levels throughout, while others scaled back.

“We understand that times are very uncertain for many at the moment. By continuing our acquisition strategy and strengthening our team at HQ, we can continue to increase the market-leading savings we offer to all our customers.”