Octopus Energy Group results for FY24 - delivered 0.7% profit margin, tripled non-UK customer base, and increased net assets to £1.7bn

• RESULTS FOR FY24 (ENDING APRIL 2024)
  • Global energy and tech group reports net profit of £83m (0.7% margin)
  • Group revenues remained steady at £12.4bn
  • Increased net assets by £722m to £1.7bn (+145%)
  • UK energy retail business absorbed another £74m of costs to keep customer bills lower during the energy crisis and support the ones most in need
  • Non-UK retail customer base tripled to 1.2m
  • Grew global workforce from 4,800 to 8,500 (+77%)
  • 51m accounts contracted to run on proprietary Kraken, up from 32m the year before (+56%)
• CURRENT UPDATE
  • Now the largest energy supplier in the UK, serving 7.3m households (12.9m meters)
  • Led switching market in 2024, with one new customer joining every 30 seconds
  • £30m worth of customer support available through ‘Octo Assist’, with 72,000 customers supported so far
  • Achieved Which? Recommend Provider status for the 8th year running
  • Over 60m accounts contracted to run on Kraken

London, 4th February 2025 - Octopus Energy, the global energy and technology group, today announces its results for the financial year 2023-2024, which ended on 30th April 2024.

Prudent financial management allowed the Group to deliver another strong annual result, with revenues totaling £12.4 billion.

Octopus acquired Shell Energy Retail in December 2023, smoothly migrating 1.3 million new customers onto its tech platform, Kraken, in less than 3 months.

The balance sheet was significantly strengthened, with net assets increasing by £722 million to £1.7 billion. This was mostly due to a £628 million equity investment from the Group’s existing investors, who continue to back Octopus’ growth, allowing it to serve millions more customers globally.

Octopus served nearly 7 million customers in the UK, and tripled its international retail customer base, serving over 1.2 million customers outside the UK.

Despite this rapid expansion, the supplier maintained its industry-leading customer service, being named Which? Recommended Energy Supplier for the seventh consecutive year.

Octopus Energy Group continued to create sustainable, green jobs across the globe, increasing the workforce to 8,500 (up from 4,800) with over 300,000 applications.

The Group also continued to sacrifice higher profits to keep customer bills lower. The Group’s retail arm, Octopus Energy, absorbed £74 million of costs by keeping its standard variable tariff (SVT) priced below the price cap and helping struggling customers through its £30 million financial hardship fund and electric blankets scheme.

Octopus Energy’s services business also recorded substantial growth, with 744,000 low-carbon tech installations – including smart meters, heat pumps, solar panels and batteries – completed across UK homes.

Octopus Energy Group’s tech arm, Kraken, expanded into water and telecommunications through licensing deals with Severn Trent, Portsmouth Water, Cuckoo Fibre and Leep Utilities.

At the end of April 2024, Kraken was contracted to serve 51m accounts (up from 32m the year before), while its recurring revenue surged by 68% to £90 million.

The energy supplier also launched Octoplus, a loyalty scheme that rewards customers for participating in flexibility events and referring friends. Octoplus points can be redeemed for discounts, free food, exclusive offers, or cash, encouraging smarter energy usage and boosting customer engagement.

Welcoming the results, Greg Jackson, Founder of Octopus Energy Group, said:

“Supporting customers in difficult times has been our highest priority - with the lowest standard prices of any major company, we’ve absorbed millions of pounds in energy costs, we’ve sent another 30,000 free electric blankets to those most in need, and our energy helpers visited hundreds of thousands of homes to help cut bills.

“At the same time, we’ve continued our rapid expansion in international markets, low carbon technologies like EVs and heat pumps, and building new generation. Our software platform, Kraken, is changing the energy landscape.

“Octopus shows what’s possible with investors focused on the long term, rather than short-term profit maximisation. We’ve been able to focus on building outstanding technology, superb customer service and an incredible team. I’m proud of what we, as a UK business, have been able to build at home and export globally.

“This is sustainable, responsible capitalism – creating value for society, planet and shareholders.”

Co-founding CFO, Stuart Jackson (no relation), said: “FY24 has been another year of solid financial performance for the Group, as we continue to build on the foundations of prudent financial management and sustainable growth.

“We delivered a second consecutive year of modest profitability, supported by the strength of our UK retail operations and Kraken licensing, and closed the year with a strong balance sheet of £1.7 billion in net assets.”

Octopus Energy Group today:

Octopus Energy has become the largest energy supplier in the UK with 12.9 million meters on supply, according to data from Cornwall Insight*, bringing the supplier’s market share to c. 24%. This is the first time the top position has changed since the energy retail market opened for competition in the 1990s.

The retail arm continued to focus on providing exceptional service to customers. Octopus Energy achieved Which? Recommended Provider status for the 8th year running – the only energy company to ever achieve this feat.

Octopus led the switching market in 2024, with nearly one million customers choosing to join from other suppliers – one new customer every 30 seconds**.

Octopus is not only great for customers, it’s loved by staff too. The company was named by Zensai as the best place to work in the UK, based on its Glassdoor scores, and is included in the Sunday Times Best Places to Work list for 2024***.

Through the company’s ‘Intelligent Octopus’ tariff, Octopus now commands the world’s largest EV smart charging virtual power plant, standing at 1.5GW of car batteries that can charge up when renewable energy is abundant.

With over $2 billion in financial backing Octopus continues to innovate and expand at pace. Thanks to its 11,000 people strong workforce, Octopus is able to meet the needs of its rapidly growing global customer base.

The company is now active in 32 countries, serving 9 million customers globally. It is also one of the largest specialist investors in renewables in Europe, managing a portfolio worth £7 billion****.

FY 2023/24 financial highlights:

Octopus Energy Group:

• Group reported net profit of £83m (0.7% margin)
• Revenues reached £12.4bn
• Net assets increased by £722m to £1.7bn due to committed investor funds
• Group ended FY24 with a total of 7.95m customers, an increase of 2.79m on the previous year
• Tripled international customer base to 1.2m (now stands at 1.7m)
• Hired 3,700 new employees from over 300,000 global applications reaching a total workforce of 8,500 (now 11,000)
• 51m accounts contracted to be run on Kraken (now stands at over 60m)

Octopus Energy Limited:

• Octopus Energy absorbed another £74 million of costs on behalf of customers by keeping prices below the price cap and helping struggling customers via its financial hardship fund and electric blankets scheme
• 72,000 customers supported by the £30m ‘Octo Assist’ fund to date
• Achieved Which? Recommended status for the seventh year running (now 8th year)

Kraken Technologies Ltd:

• Recurring revenue increased by 68%, from £53m to £90m
• 51m accounts contracted to run on proprietary Kraken, up from 32m the year before (+56%)
• Expanded into water and telecommunications through licensing agreements with Severn Trent, Portsmouth Water, Cuckoo Fibre and Leep Utilities
• Kraken made strategic progress through acquisition of two businesses during the year: Sennen and Kwest, boosting the company’s asset management software and streamlining maintenance and operation of renewable energy projects

-ENDS-

Notes to editors:

The financial reports for Octopus Energy Group, Octopus Energy Limited and Kraken Technologies can be found here.

For an overview of Octopus Energy Group and its subsidiary companies, please visit octopusenergy.group.

*According to data from Cornwall Insight’s Domestic Energy Market Share Survey, as of the end of 2024, Octopus has 12.885 million meters on supply, 320,000 more than the 2nd biggest energy supplier.

**This excludes any customers who joined Octopus through company acquisitions and doesn’t consider customers who chose to leave Octopus.

***As of January 2025, Trustpilot score: 4.8 out of 5. Glassdoor score: 4.4 out of 5. The Sunday Times Best Places to Work 2024. Zensai - UK’s top 100 places to work.

****32 countries includes all countries where Octopus has retail operations, generation team offices and renewable generation assets in the pipeline.

Press Contacts

Octopus Energy Group

press@octoenergy.com

+44 (0)20 4530 8369

About Octopus Energy Group

Octopus Energy is a global clean energy tech business, driving the affordable, green energy system of the future. Under its own retail brand, Octopus delivers world-class customer service and cutting edge energy products to 9 million households globally. Its operations span 32 countries and the entire energy value chain. The group invests in, builds and flexibly manages renewable energy, operating a £7 billion portfolio of projects.

Octopus has licensed its advanced data and machine learning platform, Kraken, to support over 60 million customer accounts worldwide through licensing deals with companies such as EDF, E.ON and Origin Energy. Kraken enables Octopus to drive the electrification of heat and transport through smart tariffs and innovative cleantech. Backed by pension funds, investors and energy giants, Octopus Energy Group businesses deliver cheaper, greener energy and cutting-edge tech to countries and customers worldwide.

For more information, check out our website.