Pinergy, the smart energy provider, has reported sales of €26 million for the 12-month period ended 31 December 2017, up 16.1% on the previous financial year. Accounts now filed with the Companies Registration Office (CRO) show operating losses of €4.2 million (2016: €2.8 million) for the 12-month period. This loss is in line with the company’s expectations as Pinergy was impacted by increasing wholesale energy price trends while continuing to invest in the business.
Commenting on the company’s performance for the year and Pinergy’s trading outlook for the next 18 months, Enda Gunnell, CEO of Pinergy said: “2017 marked another year of continued revenue growth and significant investment in the business. This investment has been driven primarily by the deployment of the latest high-tech smart meter equipment and development of software that allowed us to launch the unique Pinergy Smart Business offering earlier this year. We also continue to invest in the recruitment of key talent including specialist business energy advisors and technical support teams. We have been really encouraged by the reaction we are getting from the business community to date and see great opportunity for Pinergy to grow our business in this market segment into the future.
“Pinergy is currently on an exciting growth trajectory as we evolve the business from what was primarily a consumer proposition pre-2017 to one where we will have a broader mix of both commercial and domestic customers in the future. With further revenue growth and continued investment in the coming years, we are confident that we can build scale and deliver a sustainable long-term and profitable business in the coming years.”
Pinergy has now grown to over 40,000 customers and directly employs over 40 people today. Among its customers now using the new Pinergy Smart Business solution to more effectively manage their overall energy consumption and expenditure are leading businesses in the retail, manufacturing, hospitability, leisure, property and agri sectors. Many users of Pinergy’s smart technology are enjoying savings of over 20% through more efficient usage and waste reduction. Just a few months after being launched, Pinergy Smart Business has already been recognised as a finalist in a number of prestigious awards including Retail Excellence Ireland Supplier of the Year.