Pinergy cuts its losses but warns of energy costs’ impact

Irish energy firm saw losses drop from €4.6 million to €2.14 million thanks to a jump in revenues and growth of client base, but is braced for rising costs

Enda Gunnell, chief executive, Pinergy: ‘Overall, we are satisfied with business performance in 2020.’ Picture: Shane O'Neill

Irish energy provider Pinergy cut its losses from €4.6 million to €2.14 million last year on the back of a 20 per cent jump in revenues but has warned of the significant impact rising energy costs will have on its 2021 earnings.

The company, which is majority-owned by Peter Coates, owner of online bookmaker Bet365, grew its turnover from €38.42 million to €45.6 million despite the impact of the Covid-19 pandemic on its business.

Despite ...