Profits almost halved at Grimsby GreenTech Myenergi before it made more than 100 people redundant.
The smart home energy technology manufacturer – ranked 15th on our TransportTech 50 last year – posted pre-tax profits of 拢8.8 million for 12 months to 31st May 2023, down from 拢14.8m in the previous year.
However revenue jumped from 拢53.8m to 拢67.5m in the period.
Myenergi had grown its workforce from 273 to 445 in those 12 months. However 99 people were laid off last July – 30 enforced and 69 voluntary – after sales of its zappi electric vehicle charge point slowed.
The business started a new round of redundancies at the end of January this year.
“The market conditions faced by myenergi remain tough, with a harsh macro-economic landscape and some fast-changing market forces affecting our ability to grow as we had hoped,鈥� it stated. 鈥淲e had hoped to see improvements over the last six months, but this has not happened, and we have seen lower sales than expected.
“We have therefore taken the enormously difficult decision to identify a number of roles that are at risk of redundancy and enter into a collective consultation period. We remain confident about myenergi鈥檚 future and that we will emerge from this challenging period in a strong position.”
Founded by Lee Sutton and Jordan Brompton in 2016, Myenergi initially grew locally via crowdfunding before becoming one of the UK鈥檚 10 fastest-growing companies. in 2022.
It secured 拢30 million in funding from Energy Impact Partners (EIP) in October 2023 – following a 拢30m debt finance package from HSBC earlier in the year – to grow its international presence.
European revenue in the 12 months to 31st May fell from 拢29m to 拢24.4m, but sales in the rest of the world rose from 拢814,000 to 拢2m. UK revenue increased from 拢23.9m to 拢41m.
Myenergi鈥檚 board includes former Tesco CEO Sir Terry Leahy and Peter Richardson, former COO of Dyson.
In the newly filed accounts, it stated: 鈥淒espite the challenges we faced in the 2022/23 financial year, Myenergi demonstrated strong double-digit revenue growth and profitability, which we continue to invest back into our product offering and customer experience.
鈥淲e are confident that Myenergi is in a strong position to support the growing market in renewable energy, electric vehicles and decarbonised heating and we are committed to continuing to develop new propositions to support our purpose of removing barriers to a greener future.鈥�