Good Morning Britain host Susanna Reid was called out by Utilita Chief Executive after asking an ‘ignorant’ question on the breakfast programme on Wednesday morning.
The energy company founder Bill Bullen appeared on the ITV programme amid the deepening cost of living crisis to answer questions on behalf of dissatisfied customers.
Yet, appearing virtually on the programme, Bullen insisted his company ‘prioritise those customers’, before he turned to Utilita’s own financial picture.
He said: “The reality is, it’s tough for us right now. We’ve been forced to lose £100 million in just three years. How much more are we supposed to do?”
In the studio, Susanna then turned to the company’s latest financial reports which were submitted in 2021 and read out the figures to clarify them with Bullen.
She said: “The turnover is £813 million, the gross profit is £81 million. So your profit is £81 million?”
Yet Bullen fiercely rejected her question, as he hit back saying: “No, Susanna, I’m really sorry, but that clearly shows that you don’t know how to read financial statements.”
Referring to Susanna’s co-host Martin Lewis, he continued: “I’m sure Martin sitting right next to you completely understands that it’s the bottom line that counts.
“The gross profit level is purely a financial term. That’s before you take into account costs of running a business. It’s the bottom line that matters.
“I know this story has been reverberating around the Twitter sphere for months now, but I’m sorry, it’s ignorance. People just do not understand what they’re looking at.”
As Susanna looked slightly chastened in the studio, Martin then cut in to ask the CEO what the company’s profits were before tax and he said it was in fact a loss.
He said: “We’ve been losing probably about £30 million a year. During this month of December we estimate we’re going to be losing £1 million a day.”
In an apparent reference to her profit misunderstanding, Susanna then replied: “You’re here on the programme to answer the questions, so it’s perfectly reasonable to set out the case.
“I’m just in the position of saying this is the gross profit which is on your accounts.”
Good Morning Britain viewers were divided by the interview, with some surprised at Susanna’s misunderstanding while others questioned whether Bullen was trying to elicit sympathy at his company's losses.
Taking to Twitter, one simply wrote: “Wow what a car crash interview,” as another echoed: “Susanna really embarrassed herself there -- not understanding the difference between gross profit and net profit.”
A third added: “I get the problem Bill Bullen and Utilita have...it’s obvious Reid can’t read company accounts.”
However another viewer added: “All this guy is doing is complaining about his business. Is this how are we living in 2022? Caring more about business than people? It doesn't make sense.”
A second added: “My heart bleeds that your business has lost £100m, not. Cry me a river.”
Another concluded: “Bloke being interviewed is giving the best possible argument for complete renationalisation of energy supply.”
