Record first half for energy firm
LANCASHIRE-based Inspired Energy has seen revenues rise by 56% to £10.16m in the six months to the end of June.
Adjusted EBITDA increased by 52% to £3.75m and adjusted profit before tax rose by 44% to £3.31m.
The firm’s procurement corporate order book, which it said provides strong visibility of revenues and is a consistent guide to the future performance of the firm’s corporate division, increased 69% to £25.7m (H1 2015: £15.2m).
The energy company’s continued significant growth in its corporate division is a result of the acquisition of Wholesale Power UK in July 2015, which provided the group with entry into new industry sectors, including leisure and logistics.
It also bought STC Energy and Carbon Holdings in November 2015, an energy bureau, billing and management service provider to large multi-site organisations, enabling further diversification of customer base both regionally and by sector, including entry into the public sector and generating additional revenue streams.
The acquisitions of WPUK and STC, in conjunction with organic growth from the existing corporate division, increased revenue to £7.5m, which represents 75% of group revenue.
Janet Thornton, chief executive of Inspired, said: “The focus of the six months to 30 June 2016 was on the integration and relocation of the acquired businesses of WPUK and STC which have been achieved on target and within budget.
“In addition, the underlying businesses have continued to perform to plan, with sales opportunities created by the acquisitions already gaining traction.
“The record results are again testament to the commitment and expertise of the group’s team. The group continues to deliver strong organic growth and the corporate division is now firmly established as a leading energy consultant to UK corporates, offering a breadth of innovative and cost effective solutions to a wide range of clients and sectors, backed up by proactive advice and assurance throughout the life of a contract.”
The company added that it continues to seek acquisition opportunities that would lead to greater market consolidation.
It increased its interim dividend by 30% to 0.13p a share.
