By Scott Wright
CLYDEBANK-based Together Energy has dramatically reduced losses in a year which saw it seal its biggest acquisition to date– and has signalled plans to take on 80 new staff.
New accounts show pre-tax losses at the Scottish company fell by around two-thirds to £4.2 million in the year ended October 31, in spite of challenges posed by coronavirus. Turnover increased by about £3m to £92.2 million.
The period covered by the accounts saw Together acquire the residential customer base of Bristol Energy for £14m. In adding 144,239 accounts, the deal effectively doubled the size of the business.
Paul Richards, chief executive and founder of Together, declared the company’s performance had been stronger than forecast, with earnings before interest, tax, depreciation and amortisation coming in at £1.6m. And he said the results vindicate the philosophy of the business, which was founded on a commitment to give opportunities to people from vulnerable backgrounds in Mr Richards’ hometown of Clydebank.
Mr Richards sold a 50% stake in the business to Warrington Council for £17.3m in September 2019 under plans for Together to become an all-renewable energy supplier. The council has invested in major solar farm projects in Yorkshire.
Mr Richards said: “We’ve had an exceptional year in so many ways and we are very proud, as are our partners Warrington Borough Council, of our achievements as we continue to operate in challenging circumstances, both with the ongoing impact of the pandemic and industry pressures including rises in wholesale prices and regulatory volatility including payment holidays for some customers. Throughout this our commitment to creating meaningful jobs and careers has continued and we are actively recruiting for 80 customer service roles, both in Clydebank and Warrington, funded by the Kickstart scheme.”
The company currently has 360 staff across Clydebank, Warrington and Bristol.
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