‘Inspired’ performance for Lancashire energy procurement specialist
A trio of key acquisitions has boosted the half year performance of Lancashire-based energy procurement specialist Inspired Energy.
In the six months to June 30 year-on-year pre-tax pofit rose 13% to £2.18m from £1.93m.
Turnover increased 20% from £10.16m £12.4m for the period.
Chief executive of the listed Kirkham company Janet Thornton pointed to the three recent acquistions as a reason for Inspired’s buoyancy.
The included the purchases of FEML and Churchcom and Horizon Energy Group Limited, post period, in July.
The group also entered into new banking facilities with Santander for £29.6m and €7.0m, of which £14.6m and €7.0m, was drawn, to refinance the existing indebtedness and to further support its acquisition strategy.
Thornton said: “”I am delighted to report on a fantastic period of growth for the Group: financially, operationally and strategically.
“The work undertaken over the last 18 months, which culminated in the three Corporate acquisitions completed in the first half, the debt refinancing and the £9.0m placing, has provided an excellent platform for the business to continue its organic growth complemented by these significant further acquisitions.
“Inspired has delivered another period of strong growth on all fronts and the record results and performance once again demonstrate the commitment, drive and expertise of the whole team, which has now grown to 270 staff across the UK and Ireland.”
