4th Sep 2019 11:52
(Alliance News) - UK energy consultant Inspired Energy PLC on Wednesday reported a strong performance in the first half of 2019, with double-digit rises in profit and revenue.
For the six months to the end of June, pretax profit rose by 55% from GBP3.2 million from GBP2.1 million the year before.
On an adjusted basis, which leaves out foreign exchange and restructuring costs related to the integration of Inprova Finance Ltd, pretax profit was up 30% at GBP6.9 million from GBP5.4 million.
In January, Inspired Energy completed the acquisition of rival energy procurement services consultancy Inprova for GBP19.5 million.
Revenue for the first half grew by 33% to GBP21.6 million from GBP16.2 million the year before, driven by 36% revenue growth in Inspired's Corporate division to GBP18.7 million, contributing 87% to group revenue.
Inspired declared an interim dividend of 0.22 pence per share, up 16% from 0.16p the year before.
Looking ahead, Inspired said the strong first half performance has provided a strong operational platform for 2019, and expects to deliver "another set of record results".
"Concluding 2018 with the Inprova acquisition was a significant strategic milestone for the group. 2019 has continued at pace with the acceleration of our next growth phase, further complementary and value-enhancing acquisitions completed in parallel with sustained organic growth," said Chief Executive Mark Dickinson.
"The group is well placed to deliver another set of record results as we continue to benefit from further organic growth and the net contribution of recent acquisitions," Dickinson added.
Shares in Inspired Energy were up 6.0% at 16.0 pence on Wednesday in London.
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