Losses at Octopus Energy Group deepened to £61 million in the year to April 2020 as the gas and electricity supplier ploughed cash into expansion.
Revenues jumped by 160 per cent to £1.2 billion as household customers more than doubled to 1.4 million.
Gross profit rose from £3 million to £67 million but after administrative and interest expenses Octopus fell to a £61 million pre-tax loss, from a £40 million pre-tax loss a year earlier.
Greg Jackson, chief executive, said costs included £41 million on customer acquisition and marketing, paying referral fees for customer sign-ups and commission to price comparison sites.
Expansion at Octopus has continued apace and it now supplies 2.2 million households, ranking it among the six biggest suppliers in the UK domestic