Entu bosses hail excellent year
ENTU, the newly-listed Manchester-based domestic services group has hailed an “excellent year” which saw profits surge 48%, prompting the payment of a special dividend.
The company which listed on AIM in October 2014 said revenues in the year to October 31 increased 24.6% to £119m with growth in all parts of the business, which spans energy generation and savings, insulation and home improvements.
Pre-tax profits at Entu, which until its IPO was majority owned by Cheshire entrepreneur and Sale Sharks owner Brian Kennedy leapt 47.9% to £9m. In line with this strong performance a special dividend of 1.5p per share will be paid, lifting the total for the full year to 8p.
The company said it had penned a deal with Flowgroup, the Cheshire-based pioneer of an energy-saving boiler for it to sell, install and maintain the new product which launched this week.
Chief executive Ian Blackhurst said: an Blackhurst said: “This has been a significant year of development for the group, culminating in our admission to AIM in October 2014. We have strengthened our leading positions in our target markets across the UK, buoyed by our strong brand reputation, our national coverage, and by steadily improving consumer demand.
“Our primary strategy is to focus on driving organic growth from our diversified, fully integrated product portfolio, and also, over time, through the development of new product and service offerings, in particular, energy efficiency products and services.”
Chairman David Forbes said the company had had an “excellent year” and would use its listed status to drive growth.
He said: “Whilst we are only at the start of our journey as a quoted company, we can already see evidence that the flotation will provide Entu with additional opportunities for growth, both by raising the profile of our existing businesses and by providing the company with more readily accessible capital to fund acquisitions and other investment.”
He said there are around 27 million residential homes in the UK, and the overall home improvements market is worth an estimated £27bn annually.
“Particularly exciting are the opportunities in the areas of energy generation and energy efficient products. These products are growing in popularity due to a combination of increasing consumer awareness, the generally high cost of traditional home energy products and Government incentives towards the adoption of green technology in the home. Entu is well positioned to take advantage of these market conditions.”
