Energy challenger First Utility sees profits plunge 84% despite increasing customer numbers by a quarter
First Utility has reported a large slump in pre-tax profits despite the challenger energy firm now having nearly 1million customers, accounts filed at Companies House show.
Britain's biggest independent energy supplier, which has emerged as the most serious challenge to 'the big six', saw pre-tax profits tumble to £1.7million last year. This was despite customer numbers rising 25 per cent to 883,000.
Like many energy minnows, its rapid growth meant it initially suffered a high number of customer complaints, which forced it to invest more in service.
It attracted 281 complaints per 100,000... read more
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