LONDON (Alliance News) - Energy procurement consultant Inspired Energy PLC posted a rise in profit in 2017 on the back of solid revenue growth, as its Corporate division delivered record revenue.
On a reported basis, Inspired Energy's pretax profit fell 12% to GBP3.6 million. However, on an adjusted basis, which strips out various items, pretax profit rose by 38% to GBP9.7 million.
Revenue for the company climbed 28% year-on-year to GBP27.5 million from the GBP21.5 million recorded in 2016.
Inspired Energy is paying a final dividend of 0.39 pence per share compared to 0.32p in 2016. This takes its total return to shareholders for the year to 0.55p, up from 2016's 0.45p.
The company's procurement corporate order book is up 39% year-on-year to GBP39.0 million, which it said provides good revenue visibility for 2018 and the following two years.
Revenue in the Corporate division rose 32% to GBP21.5 million from the GBP16.3 million in 2016, with earnings before interest, taxes, depreciation, and amortisation increasing 34% to GBP10.2 million from GBP7.6 million.
The other division, SME, posted revenue of GBP6.0 million, compared to GBP5.2 million in 2016. Ebitda was at a "record" GBP2.5 million, an increase on the year before's GBP1.8 million.
Chief Executive Mark Dickinson said: "I am delighted to report on a very strong period of growth for the group across all key areas: financially, operationally and strategically, which is a testament to the value of our customer proposition and the talent and dedication of our staff."
"In 2017, the Group completed three value-enhancing acquisitions within our core Corporate division, a debt refinancing and a GBP9.0 million equity placing, providing an excellent platform for the business to continue to deliver on our stated growth strategy. I am pleased to report the integration of all three acquisitions concluded in 2017 is progressing well and they are each performing in line with expectations."
He added: "Inspired Energy had an excellent 2017 and I am confident that 2018 will be another year of significant progress for the group, with strong trading in the current year to date."
Shares were down 1.9% on Thursday at a price of 20.70p each.
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