30 September 2016: OVO Energy achieved another successful period of growth during 2015. Customers increased by 38% and revenues reached a record £513 million. This momentum has continued into 2016 with first half revenues reaching £363 million or an annualised rate of £705 million. OVO achieved record profits of £30.4 million in the first half of 2016 following a net loss in full year 2015 of £31.7m, as its customer tenure improved and investment in being a first mover with smart meters paid off.
Stephen Fitzpatrick, CEO of OVO Energy said: “I am very proud of OVO’s exceptional customer growth and delivering its first meaningful profit. Since 2010 we have grown by 61% each year, won countless awards for customer service and in 2015 became the first ever energy company recommended by Which? Magazine.
We’ve done this by sticking to our values, treating our customers fairly and offering cheaper, greener, simpler energy. Our focus on smart technology is paying off and driving down costs, which we are passing on to our customers in lower bills. In short, our team has worked hard to build a smart and sustainable business. As we look ahead to the rest of 2016, we are committed to delivering fair and transparent pricing, more sustainable energy and an exceptional customer experience.”
Delivering smart solutions
OVO’s success has been achieved through our team’s focus on putting customers first, leveraging digital tools to enhance their experience and delivering consistently fair prices. With three-quarters of OVO’s customers managing their accounts online, providing easy-to-use digital tools has helped drive down administrative costs, reaching a record low of 15.1% of revenues in the first half of 2016. Smart meter penetration also increased to 27% or over 190k customers’ homes. The OVO trading team outperformed the Big Six energy suppliers in demand forecasting for the first time this year by leveraging proprietary tools and technology developed in-house.
OVO’s commitment to renewable energy has led to a reduction in carbon intensity of 34% in 2015 versus the prior year. OVO was the first top 10 supplier to remove coal from its fuel mix in 2015. OVO’s Greener tariff is supplied by 100% renewable power and is one of the cheapest green tariffs in the market. All other OVO tariffs have at least 33% renewable power in their fuel mix, reaching 50% in 2015, as OVO continues to seek opportunities to increase renewables in the fuel mix.
OVO’s growth has proven sustainable at a compound average of 61% per year since 2010. OVO treats its customers differently, by having the smallest difference between fixed rate and variable prices of any major supplier. This means that no matter what tariff a customer is on, they know that they are being treated fairly. This is reflected in OVO’s net promoter scores which is one of the highest among competitors, consistently in excess of +50 compared to the average score of -6 for the Big Six.
Energy consumers’ expectations are shifting at a rate faster than most companies can keep up with. Energy companies that will thrive in a new digital environment will be those that have invested, not just in great systems, but in the capability and expertise to keep pace with the constant change around them.
For full details OVO’s 2015/16 annual report is available here.
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OVO Energy Ltd, registered office 1 Rivergate Temple Quay Bristol, BS1 6ED, company no. 06890795 registered in England and Wales, VAT No. 100119879
Additional terms and conditions
Please see below for full terms and conditions on 33% renewable electricity, 3% interest rewards, exit fees and saving claims.
1Monthly cost - Representative monthly direct debit costs based on a non-economy-7, dual-fuel, medium user (3100 kWhs elec. and 12500 kWhs gas) paying in advance by direct debit, including online discount. All rates correct as of 23/08/16, but may go up or down.
2Weekly cost - Representative weekly costs based on a non-economy-7, dual-fuel, medium user (3100 kWhs elec. and 12500 kWhs gas). All rates correct as of 23/08/16, but may go up or down.
3Pay Monthly Savings are based on the average estimated annual costs for new PAYM OVO customers quoted through the OVO website (based on household and/or consumption information provided by those customers), compared to their current supplier and tariff. Comparisons taken between 01/01/2016 and 11/10/16. Incl VAT. Actual savings may vary according to your current supplier or tariff, individual tariff options, household information, consumption and location.
4Pay As You Go Savings are based on the average estimated annual costs for new PAYG OVO customers quoted through the OVO website (based on household and/or consumption information provided by those customers), compared to their current supplier and tariff. Comparisons taken between 01/01/2016 and 11/10/16. Incl VAT. Actual savings may vary according to your current supplier or tariff, individual tariff options, household information, consumption and location.
We include almost twice as much renewable electricity as the national average: At least 33% of electricity in all of our tariffs comes from renewable sources. The national average, according to Ofgem as at March 2014 was 16.7%. For more information please visit this page.
33% of your electricity comes from renewable sources: 33% renewable electricity as standard as of 1st April 2015. Renewable electricity is generated from wind, solar, geothermal, wave, tidal, hydro, biomass, landfill gas, sewage treatment plant gas and biogas.
3% interest: Calculated at 3% per year, paid monthly based on number of days in credit and the amount left in your account after you’ve paid your bill. OVO Interest Reward is capped at 12 times the amount of the current direct debit amount and is available to customers paying by advance direct debit. Terms apply: http://www.ovoenergy.com/terms/
95% of new customers save when switching to OVO: Based on all new customer signups between 01/02/2016 and 31/07/2016
94% of surveyed customers would recommend us: OVO conducted a survey of their customers in between 1st January 2016 and 15th April 2016. Out of 15,312 customers who responded, over 94% rated OVO 6+ when asked 'how likely would you be to recommend us to a friend and family, on a scale of 1 to 10.
Britain's top rated energy provider: Britain's top rated energy provider in the Which? 2015 satisfaction survey. Survey conducted in October 2015. Awarded in January 2016.