30th Jan 2019 12:03
LONDON (Alliance News) - Energy procurement consultant Inspired Energy PLC said Wednesday its expects "another strong" set of results for 2018.
The firm said it has delivered "good" growth in revenue, profit and cash generation in the period to December 31.
Inspired Energy expects revenue in 2018 to be 21% ahead of the year before. In 2017, it reported pretax profit of GBP3.6 million on revenue of GBP27.5 million.
The company said the core Corporate division had an "excellent" year. Inspired Energy expects the unit to increase its revenue by 29%.
The unit is expected to contribute 84% of total revenue.
"2018 has seen the acceleration of our next growth phase with five complementary and value-enhancing acquisitions completed, whilst the group has continued to deliver sustained organic growth in the Corporate division," said Chief Executive Mark Dickinson.
"These acquisitions have materially increased the group's client meters under management - units of opportunity - and we continue systematically engaging with clients to quantify the cross-selling opportunities and increased accessible revenue at each meter point."
Adjusted earnings before interest, tax, depreciation and amortisation are expected to be 24% ahead of the year before with adjusted pretax profit 22% ahead of 2017 - both of which are in line with market expectations.
Inspired Energy's year-end procurement corporate order book was GBP53.0 million, up 36% from GBP39.0 million at the end of 2017.
The company's cash generation is expected to be about 37% ahead of 2017.
Dickinson added: "Inspired Energy had an excellent 2018 and I am confident 2019 will be another year of significant progress for the group with trading in line with expectations."
Inspired Energy is expected to release its full year results on March 27. Shares were up 5.2% Wednesday at 18.10 pence each.
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