Robin Hood Energy confirmed this week that it lost £23.1 million in the year April 2018 to March 2019. The struggling council-owned energy supplier posted a turnover of £97.9 million during this period, and supplied 220,000 meter points. The loss has grown exponentially from the previous 2017-2018 period, when it posted a loss of £1.6 million. The resultant loss in net liabilities have therefore increased to £28,025,000 (2018 – £4,950,000). Similarly cash balances have increased by £1,192,000 to £3,706,000. Robin Hood Energy has said that it was a difficult period for the retail market more broadly, highlighting that a large number of energy suppliers have been impacted. This led to ten energy suppliers going bust, as wholesale energy prices hit a five-year high and two energy price caps were brought in.
Current 27th March 2020 read more »