19th Aug 2015 07:07
LONDON (Alliance News) - Energy procurement consultancy Inspired Energy PLC on Wednesday posted a big rise in pretax profit on the back of robust revenue growth in the first half, driven by strong performances in its corporate and small and medium-sized business operations, and said it would hike its dividend by 43%.
Inspired Energy said its pretax profit for the six months to the end of June was up to GBP1.8 million, a 50% rise from the GBP1.2 million it posted a year earlier, as revenue for the company increased 32% to GBP6.5 million, up from GBP5.0 million.
The group's corporate order book sales hit a record of GBP5.5 million in the half, up from GBP4.8 million a year earlier, while its corporate order book rose 22% to GBP15.2 million. The group got a particular boost from its SME revenue in the half, which rose 31% to GBP2.1 million, despite the group making no staff increases.
In addition, the group's cashflow from operations more than doubled in the half, up to GBP1.9 million from GBP0.9 million a year earlier, while its cash conversion ratio increased to 78% from 45%.
On the back of the results, the company said it will pay an interim dividend of 0.10 pence per share, up from 0.07 pence per share, a 43% hike.
"I am delighted with the group's achievements in the first half of the year which enable us to deliver another set of record results," said Janet Thornton, Inspired's chief executive.
"The strong cash generation of the group in the first half of 2015 is particularly pleasing as it demonstrates both the continuing cash generative nature of the corporate business model and also that the increase in cash generation of the SME division has been delivered as forecast following the investment made by the group in 2014," Thornton added.
Thornton said the company has started the second half well and is well-positioned to continue to deliver strong growth in the second half.
Shares in Inspired were up 12% on the news in early trade to 13.25 pence, one of the best performers in the AIM All-Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
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