Last checked at 28 Jan 2015 07:00
28 January 2015
Inspired Energy plc
("Inspired Energy" or the "Group")
Pre-Close Trading Update and
Notice of Results
Inspired Energy (AIM: INSE), a leading energy procurement consultant to UK corporates and SMEs, is pleased to provide a trading update for the financial year ended 31 December 2014.
The Board is pleased to announce that adjusted* profit before tax will be slightly ahead of market expectations and that Group revenues will be above market expectations, over 35 per cent. ahead of the previous year. Trading throughout the Group was strong throughout the year and the Board is pleased to see that this trend has continued into the start of the new financial year.
The Corporate division had an excellent year. The division made Order Book Sales of £10.0 million in the year to 31 December 2014 (2013: £8.8 million) resulting in the division's contracted order book increasing by 27 per cent. to £14.0 million as at 31 December 2014 (31 December 2013: £11.0 million).
The Board is also pleased with the performance of the SME division. After a period of heavy investment into the division in the first half of 2014 to support its growth, the division was cash positive in the second half of the financial year and is now expected to generate further improvements in profits and associated cash generation throughout 2015.
The SME division generated Order Book Sales in the year of £3.3m (2013: £1.4m), representing a year on year increase of 136 per cent. When combined with the Order Book Sales of the Corporate division, the Group made total order book sales of £13.3m in the year (2013: £10.2m) representing growth of 30 per cent across the Group.
Following the investment made in the SME division in H1 of 2014, net debt is expected to be approximately £3.0 million.
Janet Thornton, Managing Director of Inspired Energy, commented: "I am very proud of the Group's achievements over the past year which has seen a significant increase in business across the UK. Our core Corporate division continues to perform very strongly, surpassing order book sales of £10.0 million in the year. We are extremely proud of the growth of our committed order book which has increased by £3.0 million to £14.0 million in the year. This is testament to the hard work of the team.
"The SME division continues to outperform our initial expectations. With the structures and team now in place, we are seeing continued growth into the current year and a very strong platform of new customers."
Inspired Energy expects to announce its full year results for the year ended 31 December 2014 on 24 March 2015.
* profit before tax excluding restructuring costs, deal fees in relation to acquisitions and amortisation of intangible assets.
Enquiries:
Inspired Energy plc Janet Thornton, Chief Executive Paul Connor, Finance Director
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+44 (0) 1772 689250 +44 (0) 7717 707 201 www.inspiredenergy.co.uk |
Shore Capital Bidhi Bhoma Edward Mansfield
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+44 (0) 20 7408 4090
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Gable Communications John Bick
| +44 (0) 20 7193 7463 +44 (0) 7525 324431 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 of 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 for approximately 15,000 meters across the UK. The Group currently operates on behalf of c. 6,500 customers (c.900 corporate; c.5,600 SME) in a broad range of sectors.