Accounts confirm loss for 2018/19
Today (24 March 2020), Robin Hood Energy released its accounts for the period April 2018 to March 2019, which shows a loss of £23.1m for this period. 2018/19 was a tough financial year for all residential energy suppliers. During this period there were 10 energy suppliers that went bust and two Energy Price Caps were introduced which put significant financial pressure on all energy suppliers.
Whittingham, Interim Chief Executive Officer for Robin Hood Energy said: “Clearly
this is a very disappointing set of results. It was an incredibly difficult
year for the energy industry as a whole. We know there will be focus on our
financial health locally and we understand this. We’re listening and we need to
ensure we’re providing real value back to Nottingham and the people of Nottingham. We are working together with Nottingham City
Council to address the issues and ensure we put the business back on a firmer financial
The publication of the accounts also confirmed the cash loan position of Robin Hood Energy at £20.2m as of March 2019, with an additional £7.5m of share capital.
Although the new senior team at Robin Hood Energy have only been in role for a few months they have worked closely with Nottingham City Council to reduce the financial exposure of the council. A number of cost saving initiatives have already been deployed including the ending or renegotiation of a number of 3rd party contracts and a recruitment freeze.
The key objectives for the business now are to find further efficiencies in processes, ensure we continue to provide a great customer experience, rebuild confidence in our business, deliver for our shareholder and most importantly the people of Nottingham.
At the same time a strategic review of the business started mid-January and Robin Hood Energy is in the process of appointing a professional services company to support the review. This will consider all options for Robin Hood Energy and will be complete by the summer.
Robin Hood Energy remains focused on tackling fuel poverty and reaching the 60% of the people in the energy market that remain disengaged, so we can offer them a better value deal.