Pinergy sees loss despite growth

Accumulated losses at the firm behind the Pinergy brand more than doubled to €5.7m in 2014 as the energy firm continued its expansion phase by doubling its customer base.

Accounts filed by New Measured Power Ltd that trades as Pinergy show that the firm’s accumulated losses increased by €3.3m to €5.79m in 2014.

The firm’s shareholder deficit at the end of December 2014 was €1.62m after the business received a cash injection of over €3m during the year.

The public face of the firm is retired Ireland rugby legend Paul O’Connell.

According, to a note attached to the accounts, “the directors believe the business has obtained sufficient market share to ensure the continued existence of the business”.

A spokeswoman for Pinergy said yesterday the firm was “very pleased” with its performance in 2014 and that it had more than doubled the number of customers.

She said that “the reported losses are planned and in accordance with the company’s growth plan”.

On how the firm has performed in recent times, the spokeswoman said: “The business has grown significantly in the interim period. The financial statements reflect the investment made to develop the company’s business model. Pinergy has grown to a customer base of almost 30,000 domestic and commercial customers.”

“2016 is already proving to be a very exciting one with many innovations and some new partnerships planned.

“Our customer numbers are increasing in line with expectations and our brand is finding resonance in a much broader market.”