WARNING! Bulb Energy post almost £130million annual loss!

Talldave

roddydogs wrote: »

Bulb, octopus, Pure planetetc that offer £50 Or more, dont we just all join for the cashback, then off to the next?

Not if the cost elsewhere is lower, even taking cashback into account.

bristolleedsfan

Talldave wrote: »

Not if the cost elsewhere is lower, even taking cashback into account.

No exit penalties Octopus/Bulb free to switch again as soon as £50 hits accounts, is withdrawable does not have to be spent on energy.

staggered

I read that Bulb were looking to begin business overseas. Could these figures reflect acquisition costs? (I've not looked at the figures, just speculating).

I left Bulb in the summer after appalling CS linked to non-functioning smart meters.

UnclaimedEnergy

staggered wrote: »

I read that Bulb were looking to begin business overseas. Could these figures reflect acquisition costs? (I've not looked at the figures, just speculating).

Not really, they reflect them only making a £12 gross profit per customer (before admin expenses). (£8.4m in total)

Their annual wages and salaries were £9m which the gross profit doesn't even cover, yet alone the £56m they have chucked in Marketing and customer acquisition.

They increased their Turnover by £640m, however gross profits only went up by £600k... says it all.

Just like the majority of the market, they've priced themselves at basically cost value of the electricity and gas they provide to try and obtain customers.

Unlike the companies that have gone bust and a lot others in the market, they have deep pockets and investors to keep them going.

harrys66

Question is will these investors be happier in future to redirect their monies into the USA expansion instead ..... all depends on the effect of brexit on UK economy over next 18 months or so ...