Profits at Grimsby-based green tech startup Myenergi fell by 30%, its most recently filed accounts show.
The electric vehicle charger and solar battery company cited “challenging market conditions linked to higher inflation, energy prices and the wider cost-of-living crisis”.
Net profit – which includes £972,000 in tax credits – stood at £9.8m for the year ended 31 May 2023, down from £14.1m in the year prior.
Pre-tax profits fell from £14.9m to £8.8m over the same period.
Despite the profit slump, revenues increased from £53.8m to £67.6m year on year.
It comes as Myenergi announced at the end of January that it is consulting over a potential second round of layoffs.
In July last year, Myenergi made 30 roles redundant and a further 69 people left the business through voluntary redundancies.
A company spokesperson told UKTN that “no decisions have been made” on the second round of redundancies and therefore there is no figure to share.
“We had hoped to see improvements over the last six months, but this has not happened, and we have seen lower sales than expected,” the spokesperson said.
“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.”
Founded in 2016 by Lee Sutton and Jordan Brompton, Myenergi’s core product is the solar-compatible electric vehicle charger Zappi.
It also sells solar power diverters and smart home battery systems.
The company was backed by HSBC UK in April 2023, when the Birmingham-headquartered bank provided a £30m debt finance deal.
It raised a further £30m in October from Energy Impact Partners.
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