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UPDATE: eEnergy Group swings to profit as revenue climbs

28th Sep 2023 15:19

(Alliance News) - eEnergy Group PLC on Thursday recorded a profit over an interim 12-month period, swinging from a loss, and it expressed cautious optimism for its 18-month results.

The London-based net zero energy services provider published interim results for the 12 months that ended June 30 as it is in the process of changing its financial year period to ending on December 31 from June 30, as announced in late June.

In the 12-month period that ended June 30, it swung to a pretax profit of GBP1.1 million from a loss of GBP2.2 million a year earlier.

This was as revenue rose 50% to GBP33.2 million from GBP22.1 million. Energy Services revenue rose 87% to GBP19.5 million, while Energy Management revenue rose 17% to GBP13.6 million.

Net debt at June 30 stood at GBP6.9 million, stretching from GBP3.6 million a year earlier. eEnergy originally reported a net cash position of GBP1.5 million at the end of June 2022, but later Thursday corrected to the debt figure.

"We are pleased with both the financial and strategic progress throughout the year. We have expanded into new market segments and built strong platforms in eSolar and eCharge which are expected to be key growth drivers of the business going forward," said Chief Executive Officer Harvey Sinclair.

"We achieved a significant milestone in the year in reaching profitability. The signing of Tudor Grange [on Tuesday] post period end demonstrates the sales team's cross-selling abilities, and our forward order book remains strong, standing at GBP27.5 million."

Looking ahead, eEnergy said it is "cautiously optimistic" about delivering on its trading expectations in line with market expectations when it publishes its result for the "full" 18-month period, which it expects to release in 2024.

"The group remains confident that eEnergy's proposition is more relevant than ever, further supported by a continued shift in regulatory and structural growth drivers," the company said.

CEO Sinclair added: "Our established market position is creating larger project opportunities and Management are focused on improving cash generation to enable us to pursue these exciting projects. The board is reviewing a number of strategic options to further strengthen our balance sheet to support our continued strong growth."

Shares in eEnergy were up 4.4% to 6.00 pence each in London on Thursday afternoon.

By Greg Rosenvinge, Alliance News reporter

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