Myenergi's recent financial performance has drastically turned from an £8.8 million profit to a pre-tax loss of £25 million, attributed to decreased demand and heightened competition.
The company indicated that its sales plummeted by 18%, primarily due to challenging trading conditions and industry competitors bundling their chargers with vehicle sales, affecting market presence.
Chairman Peter Richardson expressed optimism about the company's financial position, stating that Myenergi, with a quarter of revenue from international markets, retains significant growth potential despite facing industry challenges.
In an effort to stabilize finances, Myenergi secured £28.6 million in new investment while implementing cost-cutting measures, including workforce reduction from 445 to 339 employees.
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