A business-to-business energy retailer based in Ipswich is geared for growth after moving into the black for the first time.
Haven Power, a subsidiary of energy giant Drax Group which has released its half-year results to the end of June 2018, employs 450 staff across its Ransomes Europark base and offices in the town centre.
Its profits boost has meant the Ipswich operation can become a focus for millions of pounds of investment in a modern digital energy platform.
It achieved break-even for the first time last year after building on the success of its “trusted partner relationship” with its medium and large business customers to build the business further.
The overall bottom line of the Drax Retail operation has been boosted by the acquisition of Northants-based Opus Energy, which serves the small and medium-sized business market, in February last year.
Drax Retail chief executive Jonathan Kini said staff in Ipswich had done “a brilliant job”. “Haven Power is doing terrifically well and I’m very proud of the team and the efforts they have made,” he said. “We had a real drive to make Haven Power profitable.”
Drax’s half-year review showed its business-to-business revenues rose from £940m at June 30, 2017, to £1.109bn at June 30, 2018, based on strong customer retention performance.
The retail side had moved “significantly into profit”, said Mr Kini.
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