Last checked at 5 Jun 2014 07:00
5 June 2014
Inspired Energy plc
("Inspired" or the "Group")
AGM Statement
Notice of Half Year Results
Inspired Energy plc (AIM: INSE), a leading UK energy procurement consultant to UK corporates and SMEs, will hold its Annual General Meeting ('AGM') today at 11am. At the meeting Bob Holt, Chairman, will issue the following update on current trading.
"During the first five months of 2014, the Group has seen significant growth and development in all divisions. Notable successes include the integration of the recent acquisitions, Simply Business Energy and KWH Consulting, into the SME division and the continuation of rapid growth within the Corporate Order Book.
"The Corporate division has increased it's Order Book from £11.0m as at 31 December 2013 to £12.2m as at 31 May 2014; an increase of 11% in a five month period. This growth in Order Book has been driven by an increase in Order Book Sales of 43% against the same five month period in 2013. The increase in sales rate and, consequently, Order Book bodes extremely well for future performance of the division as the contracts won in early 2014 begin to go live during H2 2014 and into 2015.
"The SME division of the Group has also performed extremely strongly at the start of 2014. Like for like contract sales, excluding the impact of the recently acquired Simply and KWH businesses, have increased to £1.1m, an increase of c. 300% against the same five month period in 2013. This has been driven by the increase in headcount, the impact of the introduction of new products and the increase in operational efficiency that has been gained throughout the development of the business in 2013.
"Inspired is also pleased to announce that the Group has successfully completed the relocation and full integration of the DEP business, previously based in Bolton, to the Kirkham office. This will allow the business to continue its growth alongside IES. We believe both subsidiaries will also benefit further from a centralised telesales operation and that DEP will benefit from greater access to the IES risk management team. In addition, central functions have now been rationalised to allow for further growth without the requirement for additional recruitment.
"In conclusion, the Group has continued to grow strongly and develop its services, skills and infrastructure. We look forward to a highly successful 2014."
Notice of half year results
The Company expects to announce its unaudited half year results to 30 June 2014 on 28 August 2014.
Enquiries:
Inspired Energy plc Janet Thornton, Chief Executive David Foreman, Finance Director
| +44 (0) 1772 689250
+44 (0) 7717 707 201 www.inspiredenergy.co.uk |
Shore Capital Bidhi Bhoma Edward Mansfield
|
+44 (0) 20 7408 4090
|
Gable Communications John Bick Justine James
| +44 (0) 20 7193 7463 +44 (0) 7872 061007 inspired@gablecommunications.com |
Notes to editors
Inspired Energy plc is an energy procurement and management business which was founded in 2000 by Managing Director, Janet Thornton. Through optimising energy procurement on behalf or its clients Inspired enables its clients to achieve greater certainty of their energy costs and in many cases delivers significant savings. The Inspired Group currently manages and negotiates gas and electricity supply agreements on behalf of c6,775 (c.900 corporate; c.5,875 SME) customers across the UK in a broad range of sectors.