Lancashire energy firm delays posting its annual figures due to coronavirus crisis

Kirkham-based Inpsired Energy has said it expects an uptick in business when the coronavirus lock-down ends.

Saturday, 28th March 2020, 11:45 am

The firm, which is predicting revenues of £49.1m up 50 per cent, announced a delay in publishing its latest annual results, due on March 31, following requests from the from the Financial Conduct Authority.

Chief executive Mark Dickinson, said: “While we undoubtedly are in a period of economic uncertainty, the board believes that the group’s profitable and cash generative nature coupled with a strong order book and substantial liquidity at its disposal will see it well placed as the economy emerges from the current period of uncertainty.

“As a management team we will ensure we remain disciplined and proportionate in our response to the crisis.

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Mark Dickinson

"At times of significant trading pressures, companies like Inspired Energy tend to be part of the solution for corporate energy consumers looking to regain their competitiveness and restart their economic engines and as such demand for our service often increases at times of crisis.

"This was the experience of the energy advisory sector during the financial crisis of 2008.

“On behalf of the Board, I would like to thank our staff, customers and wider stakeholders, whose health, safety and wellbeing remains our overriding priority.”

The firm said in line with existing guidance provided in its trading update on January 30, Inspired Energy expected to report revenues for the year ended December 31 of approximately £49.1m, an increase of 50 per cent on the previous year.

It added that adjusted EBITDA would be around £19m, an increase of 38 per cent on 2018 and cash generated from operations (excluding restructuring costs and the impact of deal fees) would be approximately £14m. Net debt was said to be £33m at the year end.