Myenergi generates strong returns on phenomenal 216…

Myenergi generates strong returns on phenomenal 216 per cent growth

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.

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 UK 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 UK in July, with Zappi volumes alone up by more than 92,000 units, with a 290 per cent increase in the UK. 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. (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 UK, and highlighted its adaptability during the global chip shortage, with the engineering team redeveloping rather than halting production.

The pair said that “rapid growth had not been at the expense of excellence,” with several awards wins for products. They added: “The company is confident of sustained growth in the coming years as it continues to innovate and offer market-leading products for electric vehicles, renewable energy and home energy management and optimisation.

“Looking forward, the directors are confident that the group is well positioned to continue to grow and increase its market share in all the chosen territories and sales channels it operates today. The group has a strong desire to grow its international presence and is excited about its new products that are planned to be launched over the coming months and years.”

Immediately after the year closed, the company put its name to returning English Football League club Grimsby Town as principal sponsor, while co-founder Jordan Brompton was named Great British Entrepreneur of the Year. The business has also launched its Libbi home battery.

Staff numbers went from 100 to 273 in the period, and since May that number has shot up to 400.

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