Energy firm’s revenue surges to £15.1m

LANCASHIRE-based energy group Inspired Energy is reporting a 40% increase in revenue to £15.1m for the year ended December 31 2015 (2014: £10.8m), well ahead of market expectations.

The AIM-listed Kirkham company says adjusted EBITDA is also anticipated to be 25% ahead of the previous year, after its targets were revised upwards during 2015.

Following the investment made to acquire Wholesale Power UK and STC Carbon Holdings Limited during the second half of the year, net debt is expected to be approximately £9m as at the end of the period.

Its core Corporate division, excluding WPUK and STC, made procurement corporate order book sales of £12.2m (2014: £10.0 million), representing like-for-like organic growth of 22%.

Inspired says both WPUK and STC are integrating well and that the acquisitions have, as expected, both enhanced Inspired Energy’s service offering and broadened the client base within the Corporate division, both geographically and by sector.
 
“The acquisition of STC in particular has added skills, services and strategic options to the Group and the board is pleased to report that the alignment between the existing Corporate division and the team at STC is beginning to provide significant revenue opportunities,” a statement said.

Inspired chief executive Janet Thornton said: “I am delighted with the Group’s achievements over the past year, delivering strong growth on all fronts as we continue to deliver value-add services to our customers.

“Our strong organic growth has been enhanced by the successful execution of the acquisitions of WPUK and STC.

“Both acquisitions have proved complimentary to the business, increasing the breadth of our target customer base, while enhancing our sector specialism to now include leisure, logistics and the public sector. Integration of both companies is progressing well, and we continue to advance our position as a market leader.”

Inspired Energy expects to announce its full year results for the year on March 21.