4th Sep 2018 11:51
LONDON (Alliance News) - Inspired Energy PLC on Tuesday described its first half performance as "excellent" despite reporting a 4% dip in its interim profit.
For the six months to June 30, the energy procurement consultant posted pretax profit of GBP2.1 million, down from GBP2.2 million, as administrative expenses and finance costs rose.
Meanwhile, revenue jumped 33% to GBP16.2 million from GBP12.2 million in the comparative year ago period.
Administrative expenses increased 47% to GBP10.8 million from GBP7.3 million, while finance costs multiplied to GBP824,266 from GBP328,725 a year prior.
The company's Corporate division generated "record revenue", up 50% year-on-year to GBP13.8 million from GBP9.2 million. The division's earnings before interest, taxes, depreciation and amortisation jumped 50% to GBP6.4 million from GBP4.3 million.
Inspired Energy declared an interim dividend of 0.19 pence per share, 19% higher year-on-year from 0.16p.
Looking ahead, the company said it remains focused on delivering its "core financial, operational and strategic objectives", whilst broadening the service offering for its clients, helping them optimise the value spent on utilities.
Chief Executive Officer Mark Dickinson said: "Our excellent performance in the first half of 2018, underpinned by strong organic growth, provides a strong operational and financial platform for the full year."
"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 from the three recent acquisitions."
Shares in the company were trading down 1.8% at 20.77p each.
Related Shares:
Inspired