Acquisitions boost half year figures for energy consultant
Preston-based energy consultant Inspired Energy has completed a busy six month period of acquisitions that have helped boost turnover.
Reporting results for the period to June 30, today, Inspired posted revenues of £16.24m, which was a 33% improvement on the previous year.
However, pre-tax profits of £2.09m represented a 4% fall compared with 2017.
The interim dividend has increased by 19% to 0.19p per share.
The corporate division was the star, with record revenues fuelled by a 50% improvement to £13.76m, contributing 85% of group revenues.
Inspired said 10% of the corporate division revenue growth was organic, up from 6% in 2017.
During the six month period the company completed the acquisitions of SystemsLink 2000 and Energy Cost Management in March 2018, with both businesses performing well and in line with expectations.
It also completed the acquisition of Squareone Enterprise, post-reporting period end, in August 2018, for a consideration of up to £1.38m, of which £750,000 was paid on completion
The acquisitions were all financed from the group’s existing £12.5m acquisition facility with Santander.
In July the group also exercised the call option to acquire the outstanding 10% interest in Horizon Energy Group for a cash consideration of around £900,000.
Commenting on the results, Inspired chief executive Mark Dickinson said: “2018 has seen the acceleration of our next growth phase with three complementary and value-enhancing acquisitions completed to date whilst the group has continued to deliver sustained organic growth.
“We remain focused on delivering our core financial, operational and strategic objectives, whilst simultaneously broadening the service offering for our clients, to help them to optimise the value of every pound spent on utilities through our bespoke service.”
He added: “On behalf of the board, I would like to thank all of the Inspired team for their hard work over the past six months, as we look forward to completing another year of growth and development of the business.”
