9th Sep 2020 12:05
(Alliance News) - Inspired Energy PLC on Wednesday said additional expenses hurt its profit in the first half of 2020.
The AIM-listed consultant for energy procurement reported revenue for the six months to the end of June of GBP26.9 million, up 25% from GBP21.6 million delivered a year earlier, resulting in pretax profit of GBP1.4 million versus GBP2.4 million a year prior.
Inspired Energy explained that its profit declined by 42% due to an increase in finance expenditure to GBP1.3 million from GBP650,000 a year before, and higher administrative expenses, totalling GBP18.1 million versus GBP15.5 million a year ago.
Cash generated from operations - excluding restructuring costs and the impact of deal fees - increased by 52% to GBP10.3 million year-on-year from GBP6.8 million.
Inspired Energy declared a dividend of 0.10 pence a share for the half-year, having paid 0.22p a year earlier.
Going forward, the company said trading remains in line with expectations and it believes it is well positioned to take advantage of the acquisitive growth opportunities that continue to exist for Inspired Energy and which may be accelerated by the disruption caused to its markets in 2020 by the Covid-19 pandemic.
"Whilst the six month period to June 30 has presented challenging market conditions and we undoubtedly remain in a period of economic uncertainty, the group's strength has been affirmed in the robust trading performance and cash generation throughout the period," said Chief Executive Mark Dickinson.
Inspired Energy shares were trading 14% lower in London on Wednesday at 14.18 pence each.
By Evelina Grecenko; [email protected]
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