7 Sep 2022 15:12
07 September 2022
iEnergizer Limited
("iEnergizer", the "Company" or the "Group")
Trading Update and Conclusion of Formal Sales Process
iEnergizer, the international business and process outsourcing business would today like to inform the market on current trading and conclusion of the formal sales process ("FSP").
The Company is pleased to report that current trading has been strong with Q1 performance significantly ahead of the comparative period last year.
· Q1 Revenue was US$74.05m (up 30% vs Q1 2022)
· Q1 EBITDA was US$28.55m (up 39% vs Q1 2022)
The business has seen growth across all verticals, in particular due to current inflationary pressures which have driven multinationals to focus not only on cost reduction but also revenue retention. Current trading is ahead of expectations, with improved margins, and the Board remains confident in the future outlook for the Company and in the expected performance for the remainder of this financial year.
On 13 June 2022, the Company announced a review of strategic options available to the Company and commenced a formal sale process under the Takeover Code. The Company subsequently engaged with a limited number of parties but given stronger trading during the process, as alluded to above, the Board felt that it was in the best interests of the Company to withdraw and terminate the FSP at this time, and confirms that it is no longer in active discussions with any interested parties.
The Board looks forward to updating the market at the interim results expected in the middle of November 2022, where it is expected to declare a dividend in-line with the Company's progressive dividend policy.
Following this announcement, the Company is no longer considered to be in an offer period, as defined in the City Code on Takeovers and Mergers (the "Code"), and the requirement to make disclosures under Rule 8 of the Code has now ceased.
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For further information, please call:
iEnergizer | c/o FTI +44 (0)20 3727 1000 |
Chris de Putron | |
Mark De La Rue | |
Strand Hanson Limited (Nominated Adviser) | Tel: +44 (0) 20 7409 3494 |
James Dance | |
James Bellman | |
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Arden Partners Plc (Joint Broker) | Tel: +44 (0) 20 7614 5900 |
James Reed-Daunter | |
John Llewellyn-Lloyd | |
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Canaccord Genuity Limited (Joint Broker) | Tel: +44 (0) 20 7523 8000 |
Max Hartley, Thomas Diehl, Gerel Bastin (Corporate Finance) | |
Alex Aylen (Equity Sales) | |
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FTI Consulting (Communications Adviser) | Tel: +44 (0) 20 3727 1000 |
Alex Beagley | |
Eleanor Purdon |
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended.