OVO secures £200m investment amid “challenging year”

Existing investors have bolstered their shareholding in the energy supplier, with a transaction valued at approximately £200 million, a boost to the company that witnessed a nearly 90% decline in profits

OVO has announced a broadening of its investor base, with Mayfair Equity Partners and Morgan Stanley Investment Management increasing their stake in the company, with a transaction totalling approximately £200 million.

In its recent full-year results announcement, OVO said it has achieved adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) of £20 million despite facing external challenges from the energy crisis.

Raman Bhatia, Chief Executive Officer of OVO, said: “2022 was one of the most challenging years for the sector. We saw unprecedented volatility in energy prices that resulted in higher bills for customers.

“Despite these challenges, we continued to prioritise our customers who need us most with a £50 million customer support package. We have also made significant progress integrating SSE Energy Services customers onto our Kaluza technology platform, giving them a better online experience.”

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