Mercury boasts lower customer churn

Company News

by David Chau

New Zealand energy retailer and generator, Mercury NZ Ltd (ASX:MCY) has released its September quarter update.

The company says customer gains reached a four-year high in August, with a net increase of over 5,000 for the three months ending 30 September. But Mercury says overall customer numbers at the end of this quarter were flat compared to the same time last year.

Mercury also says its focus on rewarding loyalty has resulted in high customer engagement around its campaigns, such as Free Power Days – with almost 100,000 customers taking up the offer during the period.

The company says this has led to its customer churn rate for the quarter being 1% lower than the average of 5.4% for all other major retailers.

Mercury posted a net profit of $152.5 million at 30 June 2016.

David Chau

Finance News Network
David joined FNN in April 2016. In addition to presenting the Market Outlook and latest business news stories, David interviews senior economists and CEOs of ASX-listed companies. Prior to working for FNN, David was a litigation lawyer.