Npower posts deeper operating loss

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Npower posted an €81m (£75m) operating loss for the first half. The retailer shed 238,000 customers versus the first half 2018.

Parent company Innogy said competitive pressure and that the domestic price cap were the main factors in the negative result with the UK market environment “persistently difficult”.

Earlier this year Innogy announced plans to cut 900 jobs within its UK retail division. Though some redundancies have been made, headcount remains broadly stable at around 6,000.

Innogy finance chief Bernhard Günther said in March that the company was still trying to sell Npower, but that all options for the company remain open, including winding it down. Günther declined to quantify the number of roles that would be required at a combined Eon-Npower retail entity, should that eventuate.

However, Npower’s first half result appears better than Innogy feared: Günther had stated that the company expected a negative Ebit contribution from UK retail of about €250m for the full year.

See the financial results here.

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1 COMMENT

  1. The comment about few redundancies yet being made is untrue. Being one of those to have gone already the redundancies have, and are, happening with some teams already halved. My are has less than 100 employees in it now despite employing over 200 in Jan.

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