Inspired Energy PLC - Lancashire-based energy procurement consultant - Reports 2020 revenue of GBP46.1 million, up 6% from GBP43.7 million in 2019, while swings to a pretax loss of GBP4.5 million from GBP3.1 million profit. Says this was a result of the impact of the Covid-19 pandemic, which disrupted the business. Reinstates dividend payments with a final 2020 dividend per share of 0.12 pence, resulting in a full-year dividend of 0.22p, unchanged from 2019.
"Whilst 2020 clearly presented challenging marketing conditions, the group achieved significant strategic milestones whilst remaining profitable and cash generative and managing an effective response to the global pandemic," says Chief Executive Mark Dickinson.
Looking ahead, Inspired Energy says: "The business is performing in line with expectations and consistently with our assumptions with respect to the global pandemic. Whilst the risks associated with the pandemic should not be discounted, we are excited by potential for the business to bounce back."
Additionally, Inspired is proposing to rename itself Inspired PLC at its annual general meeting in June, "to better reflect the structure into which the group has now evolved: a technology enabled service provider with the market leading position for energy procurement, utility cost optimisation and sustainability enhancement in the UK and Ireland."
Current stock price: 16.15p, down 3.6% on Wednesday
Year-to-date change: up 17%
By Zoe Wickens; zoewickens@alliancenews.com
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Inspired (INSE)