SSE Airtricity profits up 44%, but customer numbers fall

Pre-tax profits at energy firm, SSE Airtricity increased by 44% to €49m, last year, despite the company suffering customer losses.

The firm is the second largest provider of electricity to domestic users in Ireland. However, it saw its customer numbers decline by 1.78% to 338,596 as of the end of 2014.

The company sustained further losses in customer numbers in the first half of 2015.

New figures filed with the Companies Office show that it enjoyed the sharp jump in profits in spite of revenues decreasing by 8% from €924.4m to €853.4m in the year to the end of last March.

SSE Electricity is the second largest provider behind Electric Ireland, with 16.73% of the residential market as of the end of 2014.

Figures from the Commission of Energy Regulation (CER) show that Electric Ireland had the highest residential market share at 61.66% with Bord Gáis Energy having a market share of 13.69%; PrePayPower having 4.68% and new entrant Energia having 2.43% with others accounting for 0.81%.

According to the directors’ report section of SSE Airtricity’s latest accounts, the results “reflect various factors including the settlement of prior year accruals and improved efficiencies in operating costs”.

The firm paid a dividend of €70m in fiscal 2014 following a number of years of hefty profits. No dividend was paid last year.

Numbers employed by the firm last year increased from 405 to 415 with staff costs increasing by 4% from €15.4m to €15.7m.