10th Oct 2024 11:36
(Alliance News) - Eneraqua Technologies PLC on Thursday said it expects to swing to an adjusted pretax profit in the current financial year amid sound demand, as interim loss widened due to higher costs.
The London-based energy and water efficiency solutions company said pretax loss widened to GBP4.4 million in the six months to July 31, from GBP441,000 a year ago.
Revenue climbed 15% to GBP29.9 million from GBP26.0 million.
However, cost of sales increased faster, by 37% to GBP23.5 million from GBP17.2 million. Administrative costs were 13% higher at GBP10.1 million compared to GBP9.0 million.
Looking ahead, Eneraqua expects a return to profit in the second half of the current financial year 2025 ending January 31. Noting "strong" demand, it anticipates to achieve adjusted pretax profit for financial 2025 in line with market consensus forecast of GBP2.5 million, compared to a loss of GBP6.0 million a year ago.
Chief Executive Officer Mitesh Dhanak said: "With a healthy project pipeline; the UK government's increased focus on meeting net zero and building 1.5 million new homes over the next five years; together with nascent growth internationally, we remain confident in the ability of the group to deliver for its customers and shareholders alike."
Eneraqua shares rose 2.6% to 39.00 pence each on Thursday morning in London.
By Tom Budszus, Alliance News slot editor
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