Last checked at 24 Oct 2022 07:00
24 October 2022
Eneraqua Technologies plc
("Eneraqua", the "Company" or the "Group")
Contract Wins and Order Book Update
Eneraqua Technologies plc, a specialist provider of energy and water efficiency solutions, is pleased to announce the award of a contract to deliver ground source heat pump systems for a new UK social housing client, to be phased over up to three years.
This new contract win, together with other smaller very recent awards across the Group, have an aggregate total contract value of up to £35m. These new wins increase the Company's Order Book1, taking cover for its FYJan24 revenue target to 85% (from prior 72%). The Order Book continues to provide full revenue cover for the FYJan23 revenue target.
Mitesh Dhanak, CEO of Eneraqua Technologies commented:
"We are pleased to announce these new contracts, with both new and existing clients. It is clear that the underlying drivers of our end markets are accelerating; there is a clear demand for our products and services and we are confident in the growth prospects of our Group.
"We are delighted that coverage for our revenue target for the next financial year is already 85% covered, which the Board believes highlights the confidence in the Group's earnings outlook."
1 Order Book defined as Contracted + Secured. Contracted = project contract issued and signed, with work started or ready to start. Secured = sum of a) tender process successful, awaiting project contract, and b) Directors' assumed win rate on Framework opportunities.
For more information, please contact:
Eneraqua Technologies plc | Via Alma PR |
Mitesh Dhanak, CEO | www.eneraquatechnologies.com |
Iain Richardson, CFO | |
finnCap Limited - Nominated Adviser and Joint Broker | +44(0)20 7220 0500 |
Ed Frisby / Charlie Beeson - Corporate Finance | |
Andrew Burdis / Sunila de Silva - ECM | |
Singer Capital Markets - Joint Broker | +44(0)20 7496 3000 |
Sandy Fraser / Justin McKeegan / Rachel Hayes | |
| |
Alma PR - Financial PR and IR | +44(0)20 3405 0205 |
Justine James / Sam Modlin / Will Ellis Hancock | eneraqua@almapr.co.uk |
Notes to editors
Eneraqua Technologies (AIM:ETP) is a specialist in energy and water efficiency. The Group designs and delivers improved energy and water systems which utilise its wholly owned intellectual property, Control Flow HL2024. Energy was the first market the Company entered and this is the larger sector, with the Company focused on clients with end of life gas, oil or electric heating and hot water systems. The Group provides turnkey retrofit district or communal heating systems based either on high-efficiency gas or ground/air source heat pump solutions that support Net Zero and decarbonisation goals.
Water is a growing service offering focused on water efficiency upgrades for utilities and commercial clients including hotels and care homes. It has also expanded into agritech systems.
The activities in both areas are underpinned by the Company's wholly-owned intellectual property, the Control Flow HL2024 family of products which reduce water wastage and improve the performance of heating and hot water systems.
The Company's main country of operation is the United Kingdom. The Company's head office is in London with additional offices in Leeds, Washington (Sunderland), India, Spain and the Netherlands. The Company has 144 employees, with the majority employed within the UK. Eneraqua Technologies has received the London Stock Exchange's Green Economy Mark.
To find out more, please visit: www.eneraquatechnologies.com
The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.