Smart home start-up Myenergi has crashed into the red after its sales were cut and it shed more than 100 jobs.
The Lincolnshire-based business has reported a pre-tax loss of £24.5m for the year to 31 May, 2024, after having generated a pre-tax profit of £8.8m in the prior year.
Newly-filed accounts with Companies House also show that the firm’s revenue declined from £67.5m to £55.6m in the 12 months while it cut its headcount from 445 to 339.
Myenergi’s headcount had surged from 273 in its prior financial year but the company put almost a quarter of its workforce at risk of redundancy just weeks before the end of that period.
The green tech business, which was founded by Lee Sutton and Jordan Brompton in 2016, also started a new round of redundancies at the end of January this year.
The company’s UK revenue fell from £41m to £32.4m and from £24.4m to £20.6m in Europe.
However, its sales in the rest of the world rose from £2m to £2.5m.
Among Myenergi’s board members are Sir Terry Leahy, former CEO of Tesco, and Peter Richardson, former COO of Dyson.
A statement signed off by the board said: “This year, while we saw significant growth across some key sectors, some markets did not perform as well as expected due to rapid changes in incentives and support.
“Consumers continue to transition to electric vehicles, install renewable self-generation and decarbonise their homes with heat pumps and other electrification technologies that reduce or remove their reliance on fossil fuels.
“While there was some softening in some sectors over the 12 months… the destination and the trajectory remains clear.
“Net zero is the goal and we have the technologies to support our customers in achieving it.
“Ongoing touch macroeconomic conditions, the continued pressures on household budgets and sudden changes in incentives and support meant that Myenergi had a challenging year.”