No funding needed.25 Nov 2022 13:31
eEnergy (AIM: EAAS), the net zero energy services provider, is pleased to provide the following update in respect to the financial year ended 30 June 2022.
The Board is pleased to confirm that the Group generated revenue of £22.0 million and Adjusted EBITDA of £3.0 million for the period(1) and is well placed to deliver significant year-on-year revenue and Adjusted EBITDA growth for FY23(2).
The Group delivered a record performance in Q4 FY22 with revenues of £8.3 million and Adjusted EBITDA of £2.0 million. Due to strong demand seen across our services, the Group enters FY23 benefitting from a strong pipeline and encouraging momentum.
FY22 Highlights
· Revenues of £22.0 million (up 62% from £13.6 million in FY21), split between Energy Management and Energy Efficiency divisions (representing 52% and 48% respectively)
· Further progress made in complementing organic growth with strategic acquisitions, with the Group's largest acquisition to-date, Utility Team, completed in H1 FY21
· Adjusted EBITDA of £3.0 million (up 261% vs. FY21)
· Significant progress with additional project funding through SUSI Partners AG and successful debt refinancing with Silicon Valley Bank in H2 FY22
· Completed commercial launch of MY ZeERO, eCharge and eSolar with demonstrated strong demand
· Net Bank Debt (excluding lease liabilities) of £3.7 million following investment and inventory build in MY ZeERO, funding of deferred consideration payments and non-recurring integration costs related to the UtilityTeam acquisition and working capital absorption due to timing of June Energy Efficiency installations and shift in supplier payment terms in Energy Management as previously highlighted
FY22 has seen rigorous focus on integrating the business into a single compelling proposition, helping organisations achieve net zero without capital investment, coming together under the one eEnergy brand from 1 July 2022. This has contributed, together with the increasing cost of energy, to increasing momentum in both client acquisition and also the adoption of multiple new services by existing accounts.
New Business opportunities developed well during Q4 across both Energy Management and Energy Services and the Group enters FY23 benefitting from a robust contracted order book and a strong sales pipeline.
FY23 Outlook
· Forward order book of £25.3 million (up from £18.3 million at 31 December 2021) across both Energy Management and Energy Services divisions:
o 88% Q1 revenues contracted as at 30 June 2022
o 39% FY23 revenues contracted as at 30 June 2022
· Cash flows are expected to reflect continued re-investment of cash profits into growth opportunities, in particular MY ZeERO to meet expected customer demand, and payment of certain non-recurring balance sheet items. It is expected this will be funded by operating cash generation and/or borrowings, as appropriate
· Looking ahead, the Boa
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