Eon’s UK business has reported a substantial drop in turnover, with the Coventry-based division of the German energy group seeing its annual sales fall by more than £800 million. Turnover for the year ending 2024 stood at £2.5 billion, compared with £3.3 billion in 2023 — a decrease largely attributed to falling wholesale commodity prices.
Despite this decline, Eon’s latest accounts show that pre-tax profit rose modestly, from £49 million to £52 million. This uplift was driven by gains from a series of asset disposals during the reporting period. However, the drop in turnover contributed to a reversal at the operating level: the business moved from an operating profit of £20 million in 2023 to a loss of £58 million in 2024, according to new accounts filed with Companies House.
The results come after Eon’s return to profitability in its previous financial year — the first time since 2020 that the UK arm had posted a profit. Over the same period, the company’s average UK headcount rose from 795 to 905 employees.
The figures were published as mixed news emerged for UK households: on the same day, Ofgem’s updated price cap came into effect for 21 million customers across England, Scotland, and Wales, lowering the typical monthly bill by £11. While the move brings some relief — amounting to a seven per cent reduction — concerns remain that bills will continue to weigh heavily on households later in the year.
Meanwhile, the government has outlined new plans to support UK industry through its long-awaited industrial strategy. The measures include proposals to cut energy bills for electricity-intensive manufacturers by up to £40 per megawatt hour from 2027, potentially benefiting more than 7,000 businesses. Sectors such as glass and steel will also receive a larger discount on electricity network charges, increasing from 60 per cent to 90 per cent.
