According to the Financial Times the independent supplier faced steep costs associated with marketing, software licensing and staffing as the company grew its customer base from 137,000 to 408,000.
But chief executive Stephen Fitzpatrick told the newspaper its focus is on growing customer numbers whilst maintaining customer service.
“It would not make sense for us, with just a 2 per cent market share, to focus on this year’s profit numbers,” Fitzpatrick told the Financial Times.
“We have had huge growth in the scale of the business and that means paying more in marketing costs, fees, software licensing and staff.”
Fitzpatrick added that the company had slowed its expansion in the first nine months of the year to avoid sacrificing the quality of its customer service.
Ovo’s full financial report is expected later this week.