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Tech

Myenergi generates strong returns on phenomenal 216 per cent growth

Sustained sales uplifts and market share expansion forecast in first fully published results

Charging on: Myenergi forecasts strong continuous growth.(Image: MyEnergi)

The first fully published accounts for rapidly expanding Grimsby company Myenergi have revealed a strong return on stratospheric growth.

The manufacturer of a range of renewable products to aid self-consumption, went from sales of £17 million to a staggering £53.8 million in the year to May 31. It saw it rapidly rise from small company status to full blown reporting, with an operating profit of £15 million generated.

Having moved to a state-of-the-art headquarters at Stallingborough’s Pioneer Business Park, it is now building a huge manufacturing facility at the gateway site on the South Humber Bank, with demand for its range - including the flagship Zappi electric vehicle charger - defying all early expectations.

Read more: More jobs at Myenergi as green-tech specialist enters domestic battery market

In the jointly authored strategic report accompanying the results, which have just been published, director Emma Dutton and chief executive Lee Sutton said: “Myenergi continues to make very strong progress, outperforming the wider market and continuing to solidify its position both in the 海角视频 and export markets. Annual turnover more than tripled with growth of 216 per cent.”

The sales success saw it named one of the fastest growing companies in the 海角视频 in July, with Zappi volumes alone up by more than 92,000 units, with a 290 per cent increase in the 海角视频. Germany and Benelux also saw strong upticks.

Shifting gears: Jordan Brompton and Lee Sutton, founders of Myenergi. The company's first fully audited full accounts have been published following tremendous growth from the 2016 start-up.(Image: MyEnergi)

“While the global energy crisis has undoubtedly put severe pressure on many households and businesses, one outcome has been a greater focus on energy security of supply, with a significant number of consumers and businesses installing or looking to procure their own renewable energy microgeneration, especially domestic rooftop solar, as a means to gain greater energy independence and ultimately help to reduce long term energy costs,” they explained. Myenergi’s range includes products to manage that generation smartly.

The directors said the removal of a grant for homecharge installation had no negative impact on sales in the 海角视频, and highlighted its adaptability during the global chip shortage, with the engineering team redeveloping rather than halting production.