First half rebound continues for listed energy company
Inspired, the Lancashire listed energy company, remains buoyant as first half revenues rose 31%.
In a trading update for the six months to the end of June 2021, the group reported revenues of £32.6m, up 31% against £24.9m in 2020.
It also achieved organic growth of 19% as the group’s customers, markets and economic activity continues to recover, it said.
The order book as at 30 June 2021 increased 12% to £69m, up from £61.5m for the same period last year.
It reported net debt of £30.2m which is down 10%.
Pre-tax profits was slightly down by 1% to £940,000.
During the period, the group changed its name to Inspired PLC to reflect the transition of the business to a technology enabled ESG service provider.
It also completed the acquisitions of Businesswise Solutions and General Energy Management in March 2021.
Trading in the year to date in the core Energy Assurance Services business remains in line with management’s expectations and is consistent with its energy consumption assumptions.
Inspired’s Energy Optimisation Services business began to recover in the second quarter after significant disruption was caused by further lockdowns implemented in Q1, resulting in an overall performance for the half year that was in line with management’s expectations.
Demand for optimisation services is continuing to recover in H2 2021 as clients’ attention turns to the reopening of premises.
It said Software Solutions and the recently launched ESG Solutions divisions continue to gain traction.
Mark Dickinson, CEO of Inspired, said: “The rebound in the first half results in 2021 reflects the continuing recovery in energy consumption, along with a return to being able to access client premises to deliver energy optimisation services.
“We are pleased by the current execution of the business plans within the Software Solutions and ESG Solutions divisions, which, although at an early stage, are developing strongly and we expect further progress during 2022.
“As we have transitioned from Inspired Energy PLC to Inspired PLC, we are well positioned to evolve our purpose as we help our clients respond to Climate Change whilst controlling their costs.
“Our objective is to evolve into the leading provider of services to help businesses to respond to climate change and meet their net zero targets.”
