Octopus Profiteering!

stripling

MeteredOut said:

Apologies for the clickbait headline.

Octopus record a little over £11 profit per customer in the 12 months to April 2024 (or under £10 if you include non-UK customers)

https://www.cityam.com/octopus-energy-profit-slashed-as-greg-jacksons-giant-battles-rising-costs/

Lol.... I've got an oil well to sell you. Just ring...  😂

Sorry, but your 'per customer' line is utter nonsense.

*NB FYI for the fan bois and girls or the raging capitalists amongst our happy campers, at this point I have no problem with 🐙 making money.  🫢😁😂

Archerychick

MeteredOut said:

Apologies for the clickbait headline.

Octopus record a little over £11 profit per customer in the 12 months to April 2024 (or under £10 if you include non-UK customers)

https://www.cityam.com/octopus-energy-profit-slashed-as-greg-jacksons-giant-battles-rising-costs/

How outrageous that a business should make a profit. 

£11 per customer is really not a lot over a year. If we consider I spent £900 ish in the last year that’s just under 1% of what I have spent - not much is it for operating profit!

EssexHebridean

stripling said:

MeteredOut said:

Apologies for the clickbait headline.

Octopus record a little over £11 profit per customer in the 12 months to April 2024 (or under £10 if you include non-UK customers)

https://www.cityam.com/octopus-energy-profit-slashed-as-greg-jacksons-giant-battles-rising-costs/

Lol.... I've got an oil well to sell you. Just ring...  😂

Sorry, but your 'per customer' line is utter nonsense.

*NB FYI for the fan bois and girls or the raging capitalists amongst our happy campers, at this point I have no problem with 🐙 making money.  🫢😁😂

Go on then, I’ll bite…why?

masonic

Clearly there will be different levels of profit and loss for each customer account (I'll probably be one of the customers they made a loss on up to the point I left them a few weeks ago). But they made £83m profit on £12.4bn revenue, which is virtually breakeven.

wrf12345

Octopus are generally ok, especially after the antics of some of the other culprits, but you have to remember that profit is what is left after they have paid everything else, including quite a lot of freebies for their poorer customers (electric blankets, s/c holidays, free heat pump installs, etc) and whatever salaries and bonuses they can get away with, plus paying back the original investment loans et al. Nothing wrong with capitalism but in the energy sector there is very limited competition and a tendency toward cartel pricing, built atop an archaic costing system for electric purchase (not the fault of Octopus). 

matt_drummer

wrf12345 said:

Octopus are generally ok, especially after the antics of some of the other culprits, but you have to remember that profit is what is left after they have paid everything else, including quite a lot of freebies for their poorer customers (electric blankets, s/c holidays, free heat pump installs, etc) and whatever salaries and bonuses they can get away with, plus paying back the original investment loans et al. Nothing wrong with capitalism but in the energy sector there is very limited competition and a tendency toward cartel pricing, built atop an archaic costing system for electric purchase (not the fault of Octopus). 

I am an accountant.

Repayment of loans does not come out of profit, only any interest paid does.

Chrysalis

Its not a lot on a per year per customer basis, although I would love to see the accounts breakdown, as there may be amortised costs in there.

The_Green_Hornet

Chrysalis said:

Its not a lot on a per year per customer basis, although I would love to see the accounts breakdown, as there may be amortised costs in there.

Octopus Energy Group Annual Results FY24

debitcardmayhem

The supply side for GB reported net profit of £159M

oldernonethewiser

matt_drummer said:

oldernonethewiser said:

matt_drummer said:

I think it's wrong!

They are making £millions and should be absorbing all the outrageous standing charges!

They are at the `trough' like all of the others!

How much do you think they should be making per customer?

If you are a customer of theirs have you written to them to let them know you disapprove, and will you be taking your business elsewhere?

I think they should make a lot more!

I am a very happy customer!

I have an Octopus heat pump, an Octopus EV charger and pay 7p per kWh for all my electricity.

I guess you need to be a regular reader of many of the ridiculous posts that some people make to understand that it was a `joke'

I know full well that these companies make very little from selling energy, some others don't!

Apologies as it obviously went over my head at the time. 

Oh well.

I got one of their little mini hub devices recently which took an age to set up as it didn't seem to want to connect to my meter.  Octopus managed to remotely sort it out after a week or so.   Can't see any real use for it so it now lives in the same drawer as the IHD.