Following a “tough financial year for all residential energy suppliers,” Robin Hood Energy has posted a loss of £23.1m for the period April 2018 to March 2019.
During this period 10 energy suppliers that went bust and two Energy Price Caps were introduced which put significant financial pressure on energy suppliers.
Jeff 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 footing.”
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, the provider says they have worked closely with Nottingham City Council to reduce its financial exposure. Robin Hood Energy said that 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 energy provider noted that key objectives for the business now are to find further efficiencies in processes, to rebuild confidence in the business, deliver for its shareholder and the people of Nottingham.
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.