28th Aug 2014 09:37
LONDON (Alliance News) - Inspired Energy PLC Thursday said rises in revenue and order book sales in its first-half were driven by strong performances by its corporate and small medium enterprise divisions as reiterated its confidence for the full-year and upped its interim dividend.
In its half-year results for the six months to June 30, 2014 the UK energy procurement consultant to UK corporates said pretax profit came in at GBP1.2 million, up from GBP800,000 in 2013.
Revenue jumped 41% to GBP5.0 million from GBP3.5 million in the comparable period in 2013 and corporate order book sales came in 20% higher than the previous year at GBP4.8 million from GBP4.0 million, representing a record six months, said Inspired Energy.
The AIM-listed company said its corporate order book as of June 30 was GBP12.5 million, compared to GBP9.9 million in 2013.
The company said its corporate team delivered a strong performance, "in addition to winning significant levels of new business, the team has maintained the high level of client retention across the division in excess of 80 per cent, and maintaining a 100 per cent client retention rate in our Risk Management division" said Chairman Bob Holt.
The SME division also fared well, said the company, which has enabled it to accelerate its planned staffing investment which it said will help it achieve short and medium-term growth targets without requiring significant additional headcount.
Inspired Energy, which provides consultancy and brokerage energy services to UK SMEs and corporates, said SME revenue rose to GBP1.6 million during the period, from GBP400,000 in the 2013 comparable.
During the period the group acquired two formative businesses in its SME business which have been successfully integrated, it said, with Simply Business Energy and KWH Consulting have performing in line with expectations.
Simply Business Energy's online platform and KWH's bespoke CRM system and product set have added to the scalability and efficiency of the division, said Inspired Energy.
The company has declared an interim dividend of 0.07 pence against 0.05 pence in the first-half of 2013.
The AIM-listed company also noted that the corporate order book has increased by a further GBP500,000 in the period from June 30, 2014 to August 27, 2014.
Looking ahead Inspired Energy said contracted revenues now extend into 2017, providing good earnings visibility and a strong platform from which to continue to grow organically.
"We are in a strong position to deliver further growth for the full year" said Janet Thornton, managing director.
Chairman Holt added that the company remains committed to its stated strategy of organic growth complemented by earnings enhancing acquisitions. "We are pleased with our performance in the first half of 2014... We are well set to enter H2 2014 with confidence."
Shares in Inspired Energy were Thursday morning trading 5.73% higher at 13.48 pence per share.
By Alice Attwood; [email protected]; @AliceAtAlliance
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