PrePayPower, Ireland’s biggest pay-as-you-go electricity supplier, made a loss of €1.5 million in 2013, according to its latest accounts. This compared with a loss of €982,290 in the previous year and reflected a substantial rise in depreciation costs.

This charge rose to €990,843 in 2013 from €273,952 in the previous year. The directors’ report noted the company was in the development phase and trading was “in line with expectations”.

The deficit in shareholders’ funds widened to €2.9 million at the close of that financial year from €1.3 million at the end of 2012. No dividend was paid during the year.

No revenue figure is provided in the accounts. Its gross profit for 2013 is stated at €8.2 million with operating expenses of €9.5 million. This left it with an operating loss of €1.3 million. Interest costs of just under €200,000 left the company with an after-tax loss of €1.5 million for the year.

The company’s employee numbers rose to 16 from seven in 2012 with staff costs more than doubling to €1.2 million.

PrePayPower is backed by Dublin-based Ion Equity. The Irish-owned firm began installing meters for customers in 2011 and had 2,000 customers that year. It grew to 20,000 customers the following year, to 62,000 in 2013 and now stands at about 100,000.

The accounts show creditors were due to be repaid €12 million in 2014 while €11.7 million fell due more than a year after the December 2013 year end. The company owed €11.3 million to PrePayPower Holdings Ltd, its parent company, and €4.3 million to PrePayPower UK Ltd, a related company.

PrePayPower declined to comment on its results or financial position. A spokesman said it was “enjoying strong customer growth” at present.