The energy group set up a decade ago recorded a loss last year amid investment in new technology, Sky News understands.
The challenger energy company on the cusp of becoming Britain’s second-biggest household gas and electricity supplier has seen its revenues cross the £1bn threshold for the first time.
Sky News understands that Ovo Energy's annual results for 2018, which will be published at Companies House this week, will show a 25% rise in sales to £1.042bn. The rise, which was fuelled by a growth in customer numbers at its residential energy business and a diversification of its activities in energy storage and technology, will be formally disclosed just weeks after Ovo unveiled the transformational purchase of SSE's UK retail operations.
When completed, the £500m takeover by Ovo will create a company serving nearly five million homes across the UK, and will bolster founder Stephen Fitzpatrick's ambition of using industry-leading technology to power large volumes of customers in Britain and abroad.
Mr Fitzpatrick, who founded Ovo a decade ago and had a brief stint as a Formula One team-owner, has set a string of ambitious goals reflecting the growing environmental pressure on the energy industry.
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