26th Jul 2024 12:46
(Alliance News) - eEnergy Group PLC on Friday announced a 44% decrease in its core revenue to GBP6.2 million for the half-year ended June 30 from GBP11.0 million a year before, reflecting the sale of its Energy Management division.
eEnergy is a London-based net-zero energy services provider.
eEnergy reported a core adjusted loss before interest, tax, depreciation and amortisation of GBP2.1 million for the recent six months, down from adjusted earnings on the same basis of GBP500,000 a year before.
eEnergy noted that during the period it completed the sale of its Energy Management division and since then has been focused on restructuring its remaining operations.
Back in January, the company announced its agreement to sell the Energy Management business to Flogas Britain Ltd for an initial GBP29.1 million.
eEnergy said it expects its interim accounts to reflect an exceptional balance sheet adjustment of up to GBP2.5 million related its restructuring.
Despite this, eEnergy said it has started the second half with "strong momentum" with positive signs of market recovery.
Additionally, the firm reported it signed a GBP5.2 million contract with Spire Healthcare PLC and secured a project funding facility for up to GBP40 million with lenders NatWest during the period.
Chief Executive Officer Harvey Sinclair said: "The first half of the year has been a transformative period for the business, with the sale of the Energy Management division leaving a company with a solid track record and opportunity for growth".
eEnergy shares were up 7.7% to 5.75 pence per share in London on Friday morning.
By Lydia Doye, Alliance News reporter
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