Record results announced by energy procurement firm

Profits and revenues at Preston based Inspired Energy soared by record levels over the last 12 months.

Revenues were up by 24% to £32.6m and gross profit was up by 27% to £27.6m at the AIM listed energy procurement firm.

Record revenues were delivered by the corporate division, growing 34% to £27.3m contributing 84% of group revenue.

There was the completion of five strategic acquisitions in 2018 which enhanced growth opportunities and client service offering for the business.

This included the acquisition of Inprova Finance for £19.5m funded by a £19.m placing.

Mark Dickinson, chief executive of Inspired, said: “We are delighted to deliver such a strong set of results for 2018.

“We accelerated our next growth phase with five complementary and value-enhancing acquisitions, whilst continuing to deliver sustained organic growth in the Corporate Division.

“Our acquisitions have further broadened our service offering and materially increased the level of the Group’s client meters under management.

“We continue to systematically engage with clients to quantify cross-selling opportunities and increase the accessible revenue at each meter point.

“Ensuring we continue to evolve our services for our clients is a key focus for the business, simultaneously broadening the service offering we provide and optimising the value of every pound our clients spend on utilities, so that they can focus on running their businesses.

“Following an excellent 2018, we have had an encouraging start to 2019 and I am confident that the team will deliver another year of significant growth.”

Matthew Thornton has stepped down as non-executive director.

The board is now made up of two executive directors, supported by a non-executive chairman and two independent non-executive directors.