Octopus Energy made its first annual profit last year thanks to its swoop for collapsed rival Bulb.
The supplier had made a loss every year since it launched in 2016 but it soared to a £203m profit in the 12 months to the end of April.
That was compared with a loss of £141m a year earlier and came after it bought failed supplier Bulb out of administration in December 2022.
Bulb was initially bailed out by the Government when it went bust in November 2021.
It was the biggest of the more than 30 suppliers that collapsed following a sharp rise in wholesale energy prices. The deal gave Octopus an extra 1.5m customers. Another 300,000 consumers also signed up independently of the deal. Octopus has 7.7m customers.
Change of fortune: Octopus had made a loss every year since it launched in 2016 but it soared to a £203m profit in the 12 months to the end of April
Higher bills also helped to triple revenues to £12.5billion. Octopus said it is the biggest electricity supplier and second largest gas provider to households in the country.
Founder Greg Jackson said: ‘As a company which directly supplies millions of household and business customers, our commitment to caring for them and our staff has been more important than ever.
‘I’m tremendously proud of the way our team has tirelessly supported customers through the energy crisis.’
Octopus said it invested £69m during the period to keep prices lower – including keeping its standard variable tariff below the energy price cap and a 4 per cent reduction in standing charges.
