Overview

• 2024 accounts lodged at Companies House state a “material uncertainty” over Ovo’s ability to continue as a going concern due to uncertainty around the timing and extent of its recapitalisation plan.
• Ovo confirms it fell short of the new financial resilience standard and says it has agreed a plan with Ofgem, with implementation details still unresolved.
• The group reported a swing to a statutory loss for 2024 and said underlying profit fell to about £42 million from £225 million a year earlier.
• Balance‑sheet actions disclosed include repaying £400 million of loans, drawing a £60 million facility from Cheyne, and a £235 million share injection by its parent company.
• Ovo is exploring funding and strategic options with Rothschild advising, with media reports of a potential equity raise and early talks with Scottish Power, as rivals such as Centrica call for firms that miss targets to be barred from taking on new customers.