Acquisition adds growth at Inspired
INSPIRED Energy, the Lancashire-based energy broker which floated on the stock market in November, has reported a sharp rise in sales and orders.
During the six months to June 30 revenue grew by 43% to £2.1m, helped by the acquisition of Bolton-based competitor Direct Energy Purchasing in April for up to £4m.
The company said orders had grown by 38% to £5.5m after winning new clients such as Morning Foods, Associated British Ports, Emcor, Halcrow Group and Northern Rock.
But pre-tax profits slipped 38% to £540,000 largely due to higher administrative costs of £1.3m.
Inspired was set up in June 2000 by Janet Thornton and is based in Kirkham, Lancashire. It buys gas and electricity for its customers.
She said: “The business has made extremely good progress this year and delivered record results in the first half year, notwithstanding the increased investment in key staff within the period.
“DEP, which we acquired in mid-April, is performing well and we have already completed the integration of the IT and financial reporting onto a single group-wide platform with further synergies to be achieved.”
She added: “We have continued to build on the strong sales performance into the second half with a record forward order book and are well placed for the current year and into 2013 to continue to build revenue streams from existing clients and new service lines.
“In line with our strategy we will continue to invest in our systems and our people to improve efficiency and our broader service offering to our customers.”
