Inspired Energy takes AIM with market debut
INSPIRED Energy this morning made its Stock Market debut, becoming the first firm in the region to achieve a float in 2011.
The company has raised £3.4m before expenses in a float which has given it a market cap of £10.6m. The float was achieved via a reverse takeover of Finemore Energy – a cash shell set up in May by former Altium employees Mike Fletcher and David Foreman.
Inspired was set up in June 2000 by Janet Thornton and is based in Kirkham, Lancashire. It buys gas and electricity for around 460 customers.In the year to June 30, it had sales of £2.86m and adjusted EBITDA of £1.6m.
In the year ended 30 June 2011, Inspired generated revenues of £2.9m and adjusted EBITDA of £1.6m. However, based on existing contracts and estimated customer energy usage, it has contracted revenues of £4.1m – of which £2.4m is booked for the year ending 31 December 2012.
Company chairman Bob Holt said: “The energy consultancy market is fragmented in the UK, and never have the concerns of energy and its cost been such a priority to UK businesses.
“Inspired has a strong management team with a proven track record in delivering significant savings for customers, evident in the client retention the business has achieved. We see significant growth opportunities in this market place for the company.”
The company’s managing director, Janet Thornton, said: “Joining AIM today provides Inspired Energy with an excellent springboard for the company’s next phase of growth as we continue to build its profile amongst our growing customer base in the UK market.
“We offer a range of services and products which help corporate energy users tailor their energy requirements and ultimately enable them to manage their overall energy costs more efficiently.”
The firm was advised on the float by accountancy by nominated advisor and broker Shore Capital, accountants Grant Thornton and Champion plc, and law firm Gateley. Atticus also advised Inspired’s shareholders.
Yorkshire Bank’s corporate and structured finance team in Manchester has also provided a debt package worth around £3.5m to the business – £2m of which was drawn down at the time of the float.
Grant Thornton director Anthony Booth said: “We congratulate the new board on their market debut – a hugely significant event as a pre-cursor for further growth with Inspired well positioned to go from strength to strength.
“The scarcity of flotations recently shows that only high quality investment propositions are acceptable to investors in the current market conditions so it is no little achievement of Inspired to complete a successful fundraising.”
