(Alliance News) - Inspired PLC on Monday declared a higher interim dividend despite a significantly lower profit due to increased costs, as it hailed its environmental, social & corporate governance services unit.
The Preston, Lancashire-based England-based energy advisory and sustainability services provider said pretax profit in the first half of 2023 fell 92% to GBP190,000 from GBP2.4 million a year prior.
Revenue rose 10% to GBP44.6 million from GBP40.5 million.
However, administrative costs increased 24% to GBP28.8 million from GBP23.2 million, while finance expenditure ballooned 70% to GBP2.1 million from GBP1.2 million. Further, Inspired reported a loss from a change in fair value of contingent consideration of GBP3.8 million, compared to GBP943,000 a year prior.
Despite the profit decline, the company declared an interim dividend of 1.40 pence per share, up 7.7% from 1.30p.
Looking ahead, Chief Executive Officer Mark Dickinson said: "Whilst the economic backdrop continues to present risks, our solid first-half performance, strong market position and unique ability to support customers across a wide offering, provide us with confidence for H2 and beyond."
Further, the company said it was confident in delivering market consensus for 2023, boosted by a "strong momentum" in its environmental, social & corporate governance services. It had delivered 98% organic revenue growth year-on-year in the first half of 2023, to GBP2.4 million from GBP1.2 million.
Inspired shares fell 5.0% to 86.00 pence each on Monday morning in London.
By Tom Budszus, Alliance News reporter
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