Inspired Energy (AIM: INSE), a leading UK energy procurement consultant to UK and Irish corporates and SMEs, is pleased to provide a trading update for the financial year ended 31 December 2017.
Inspired Energy continues to deliver on its growth strategy and expects to report results in line with revised market expectations, which were upgraded twice during 2017:
- Group revenues are expected to be c.28 per cent ahead of 2016, with adjusted EBITDA* expected to be c.33 per cent ahead of 2016.
- Procurement Corporate Order Book stood at £39.0 million (2016: £28.0 million) representing year on year growth of 39 per cent.
- Cash generated from operations is expected to be c.42 per cent ahead of 2016.
- Net debt is expected to be approximately £14.7 million at the year end.
- Trading on all fronts remained strong throughout the year and this trend has continued into the start of the new financial year.
- Integration of Flexible Energy Management Limited (“FEML”) and Churchcom Limited (“Churchcom”), acquired in April 2017, is progressing well and in line with plans.
- Acquisition of Horizon Energy Group Limited (“Horizon”) completed in July 2017, increasing the geographical presence of the Group and strengthening its position as a market leader in Ireland.
- Horizon traded in line with Board expectations in H2 2017, and trading in 2018 has started strongly.
- Final settlement, in cash, of the outstanding consideration due to the vendors of STC Energy and Carbon Holdings Limited, Wholesale Power UK and Informed Business Solutions.
- Gordon Oliver, Group Finance Director of James Halstead plc, today appointed as an independent Non-Executive Director.
- Matthew Thornton to step down as Sales Director and become a Non-Executive Director following the release of the Group’s preliminary results for the year ending 31 December 2017, which will complete the transition of the Board composition to two Executive Directors, supported by a Non-Executive Chairman and three Non-Executive Directors.