Last checked at 30 Jan 2014 07:00
30 January 2014
Inspired Energy plc
("Inspired Energy" or the "Group")
Trading Update
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 2013.
Profit before tax* is anticipated to be in line with market expectations. Group revenues will be above market expectations at £7.6m driven by strong growth in the Group's EnergiSave division, particularly in the last quarter of 2013. EnergiSave was first established in late 2012 and focuses on providing SMEs with competitive energy contracts from a variety of suppliers. The Group continued to invest in this division throughout the year and the Board expects the investment in EnergiSave in 2013 to result in a more significant contribution to the ongoing growth and profitability of the Group during the current financial year. Net debt at the end of the year is expected to be in line with market expectations.
Trading throughout the Group remains strong with the contracted order book of Inspired Energy's Corporate division rising to £11.0 million as at 31 December 2013 (31 December 2012: £8.9 million), representing a year on year increase of 24 per cent. The Corporate division made Order Book Sales of £8.8m in the year to 31 December 2013 (31 December 2012: £7.1m), representing growth of 24 per cent. When combined with the sales made by the EnergiSave division of £1.4m, the Group made total committed sales in excess of approximately £10.2m in the year.
Janet Thornton, Managing Director of Inspired Energy, commented: "I am 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 well and benefits from a very strong contracted order book in excess of £11.0m, which is testament to the hard work of the team which has delivered strong growth.
"Energisave, our new growth engine which target SMEs, has outperformed our initial expectations and we are seeing accelerated growth continuing into the new year on this now strong platform of new customers."
Inspired Energy expects to announce its full year results for the year ended 31 December 2013 on 24 March 2014.
* profit before tax excluding restructuring costs, deal fees in relation to the refinancing of the Group's banking facilities and amortisation of intangible assets
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 Justine James 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 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 for approximately 11,000 meters across the UK. The Group currently operates on behalf of c. 3,200 customers (c.825 corporate; c.2,375 SME) in a broad range of sectors.