OUTLOOK

Borders-based multi-utility firm Spark Energy has reported record turnover and unveiled a high-profile chairman, adding that it has moved from being a small to mid-sized supplier in the UK market.

The Selkirk-based firm, which is focused on homemovers, said turnover for the year to June reached £159 million, a year-on-year jump of nearly a quarter, while pretax profit hit £4.3m and customer numbers leapt by more than a third.

The business also acquired Home Telecom in April last year in a multi-million-pound deal, adding fixed-line telephone, high-speed broadband and Sky TV entertainment packages to its offering.

Chief executive Chris Gauld said: “It’s been another big year for the company, with growth right across the business, constant improvement of our operations and service, and the launch of our multi-utility future through the acquisition of Home Telecom.”

He also said the firm has invested in digital services for current and future custom-

0 Kevin Lyon, right, joins Chris Gauld as Spark looks to a brighter future

CEO CHRIS GAULD ers, adding: “I’m delighted with the 34 per cent increase in customer numbers and to see turnover reaching £159m at our first year-end since bringing in strong institutional backers.”

And while the backdrop is problematic for “some challenger companies”, Spark is well-positioned, Gauld continued. “On the energy side of the business, we’ve extended our hedging and wholesale trading agreement for a further five years. meaning our customers can have confidence that they’re protected against wholesale price volatility, and as a business we are well-protected from the challenges facing some of the smaller suppliers.”

Such hurdles include high levels of competition as many newer players vie for market share.

Gauld added: “Since the year-end, we’ve also successfully transitioned from small to mid-sized supplier in the UK market, contributing over £3m to government schemes aimed at reducing fuel poverty

“The current financial year has started really strongly and we’re ahead of plan with continued record customer growth”