Octopus Energy: 2024 Results Highlight Growth and Innovation in the Energy Sector

London, February 4, 2025 – Octopus Energy, globally recognized for its innovation in clean energy and technology, has released its financial results for 2023-2024. Closing the period with impressive financial and expansion achievements, the company continues to set new standards in the energy sector.

Octopus Energy: 2024 Results Highlight Growth and Innovation in the Energy Sector

In a challenging economic year, Octopus Energy reported a net profit of £83 million, representing a 0.7% margin. Revenues stabilized at £12.4 billion, while net assets saw a significant rise, reaching £1.7 billion—a 145% increase—driven by strategic investments and sustained investor support.

Octopus's global expansion strategy yielded remarkable results. Internationally, its retail customer base tripled to 1.2 million. Domestically, the company solidified its position as the leading supplier in the UK, serving 7.3 million households.

Central to Octopus's trajectory is its technological platform, Kraken, which expanded to support over 60 million accounts, reflecting a 56% increase from the previous year. This growth was fueled by its versatility and efficiency, supporting innovations in both traditional and emerging sectors like water and telecommunications.

Despite financial challenges faced by the industry, Octopus Energy maintained its commitment to social responsibility. It invested £74 million to keep bills affordable, while the £30 million 'Octo Assist' program has already supported 72,000 customers in need. The company also reaffirmed its standing as a Which? Recommended Provider for the eighth consecutive year, underscoring its dedication to customer service.

The company not only expanded geographically but also internally, growing its workforce to 11,000 through a focused push towards creating green and sustainable jobs.

Octopus Energy's journey exemplifies what is possible when long-term vision is aligned with innovation and social commitment. "This year marks a new era in our sustainable growth," stated Greg Jackson, founder of Octopus Energy Group. "We are committed to delivering value to our customers, society, and shareholders while leading the transition to a greener, more accessible energy future."

CFO Stuart Jackson added that the year was marked by solid performance, supported by strong UK retail operations and Kraken licensing. “We concluded the year with a robust balance sheet and are poised for future expansions,” he concluded.

With operations in 32 countries, Octopus Energy continues to extend its technological and market boundaries, cementing its role as a global leader in innovation and sustainability within the energy sector.

*Octopus Energy is not only a powerhouse in the energy sector but also a benchmark in the workplace, recognized as one of the best places to work in the UK.*

Octopus Energy: 2024 Results Highlight Growth and Innovation in the Energy Sector