(Alliance News) - Inspired Energy PLC on Tuesday reported double digit growth in profit and revenue for 2019 on new acquisitions and a strong performance from its Corporate unit.
For the year, the energy procurement consultant's pretax profit rose by 13% to GBP4.8 million from GBP4.2 million the year before, on revenue that climbed by 51% to GBP49.3 million from GBP32.7 million.
The Corporate division, which accounts for 89% of group revenue, increased by 60% to GBP43.7 million, while the order book at the end of December rose by 9% year-on-year to GBP57.5 million.
During the year, Inspired Energy completed one strategic investment and two acquisitions in 2019, including a 40% investment in Ignite, and the acquisition of Waterwatch UK Ltd for GBP500,000 and Independent Utilities Ltd for GBP2.0 million.
In addition, the integration of Inprova has been completed during the year, as both and Ignite trade in line with management expectations.
Inspired Energy has deferred the decision to pay its final dividend, to be reassessed at the release of the company's 2020 interim results.
Looking ahead, the group said it was largely unaffected by the Covid-19 outbreak until very late March, allowing the business delivered a strong performance in the first quarter of 2020.
Although operational disruption has been more significant since the end of the first quarter, Inspired Energy has continued to operate while benefiting from its significant contracted income.
"Whilst we are undoubtedly in a period of economic uncertainty, the board believes that the group's profitable and cash generative nature coupled with a strong order book and substantial liquidity at its disposal, will see it well placed as the economy emerges from the current period of uncertainty," said Chief Executive Officer Mark Dickinson.
"The additional flexibility provided by the extension of our banking covenants ensures that the group does not have to undertake any permanent restructuring actions which could prejudice the effective implementation of our strategic growth plan as envisaged prior to the Covid-19 crisis and which we expect to resume unfettered, save for delay, once conditions allow," Dickinson added.
Shares in Inspired Energy were down 5.3% at 16.34 pence on Tuesday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
Inspired (INSE)