The Ovo Group has exceeded £1 billion in revenue but saw gross profit fall by £52 million in 2018.
Releasing its latest financial results for the year to 31 December the group revealed a 25 per cent rise in revenue to £1.042 billion while at the same time posting an operating loss of £51 million.
The company’s gross profit was £94 million, which was down from £146 million in 2017. It made a loss before tax of almost £54 million, compared to a £6 million profit in 2017.
Ovo’s customer base grew by 39.3 per cent, finishing the year with 1.3 million customers.
During the past year, the company has continued to invest heavily in new technology through its Kaluza division. Ovo is also now supplying energy to households in France, with eyes on supplying energy to households in Spain and Australia by the end of the year.
Stephen Fitzpatrick, chief executive and founder of Ovo, said: “The energy industry is going through enormous change, driven by new technology, digitisation and the falling cost of renewables and storage.
“We have been investing in market-leading technology to support the energy system of the future, both in the UK and internationally, with the 2018 results in line with our financial plan.”
Ovo recently announced its intentions to severely shake up the energy retail market with its planned acquisition of the retail arm of big six incumbent SSE for £500 million.
In February Japanese firm Mitsubishi purchased a 20 per cent stake in the business for £200 million.