We won't know unless you give us some clues
When planted and where?
How fed and watered?
How old is the plant?
How long as it been in its current location? (Can you remember when you planted it there?)
Red currants flower in the spring on growth that they made last summer. Did you prune them hard last autumn and cut it all off?
Red currant is a bush canes are usually raspberries?
Well, that's clear anyway
Maybe it's just been getting it's roots down We did have some frosts around flowering time - I had to fleece my gooseberries - maybe yours got caught?
I've not grown red currants, but my instinct says a bit of Fish Blood and Bone if you've not given it any, and a mulch of good garden compost or well-rotted farmyard manure in the autumn and keep an eye out for frosts at flowering time next spring.
Maybe someone else will have something else to suggest ?
I'm in the same situation. Mine was planted new last year. I've been hoping its just getting established.