(Alliance News) - Calisen PLC on Tuesday said it ended the year in a "stronger position" than it had been in at the start despite challenges caused by Covid-19.
The Manchester-based smart energy provider reported 2020 revenue of GBP248.1 million, up 19% from GBP208.8 million in 2019. This was due to its base of revenue-generating smart meters increasing by 15%, despite the suspension of installations during the first lockdown, to reach 6.0 million meters at the end of the year.
Calisen's 2020 pretax loss narrowed to GBP17.2 million from a GBP80.1 million loss in 2019, as non-essential smart meter installations were suspended between March and June. However, this was partially offset by a lower than expected number of traditional meter removals that continued to produce revenue and cash flow, it said.
"2020 was undoubtedly challenging but I'm pleased to say that the group ended the year in a stronger position than it had been in at its start. We succeeded in growing our smart meter pipeline by a further 1.5 million meters, meaning that our expected 2025 portfolio grew by 13%. We also increased the proportion of our meters which benefit from early removal protection, we refinanced approximately GBP1.1 billion of existing meter funding facilities, achieving a lower cost of debt than the facilities they replaced, and we took our first steps into the adjacent asset class of EV charging points," said Chief Executive Bert Pijls.
Looking ahead, Calisen said it is "well placed" to accelerate development of a cleaner, more efficient and sustainable energy segment.
"We have substantial embedded growth in our meter pipeline which has been contracted but not yet implemented and there are exciting longer-term opportunities internationally and in adjacent asset classes, most immediately in EV charging. In 2021, our focus for metering will therefore be on getting as many meters as possible installed as quickly as possible, while in adjacencies, we will focus on pilot schemes in EV charging to learn as much as we can about those assets and how they perform ahead of committing to any larger-scale projects," it added.
Calisen said last Wednesday that it had rescheduled its scheme sanction hearing relating to its GBP1.43 billion takeover by Coyote Bidco to March 11 from March 16, due to an updated timetable for the implementation of the scheme.
The board of Calisen agreed unanimously to the takeover offer back in December, considering it "fair and reasonable", with shareholders set to receive 261 pence per share in cash. The deal represents a 50% premium to the firm's three-month volume weighted average closing price the deal before the deal was announced of 174p.
Shares in Calisen were down 0.1% at 260.70p in London on Tuesday.
Coyote is a consortium made up of two parts: Global Energy & Power Infrastructure Fund III and a series of West Street funds, which are managed by Goldman Sachs.
By Zoe Wickens; zoewickens@alliancenews.com
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