Lancashire energy specialist on course to hit profit targets
A Kirkham based energy consultancy has said it is on target to meet its financial aims for the financial year.
Inspired Energy, which provides energy procurement, utility cost optimisation and legislative compliance to a range of companies across the UK, said in a trading update that last quarter of the year had remained resilient, despite the ongoing disruption from COVID-19.
It said for the year ending March 30 2020, that underlying cash generated from continuing operations (excluding restructuring costs) was expected to be £10m, 3.7m down on 2019. But its corporate order book had increased to £63m from £57.5m.
It told the Stock Market that it had ended 2020 having made significant strategic progress and with a strengthened platform for generating long term growth.
Chief executive Mark Dickinson said: "The impact on the financial performance of the group for FY2020 is a consequence of the challenges caused by the pandemic, which are outside our control. The board is pleased with the continued outperformance of the group's corporate energy assurance service lines and is confident that energy optimisation services will regain strong momentum once restrictions on movement are lifted.
"The group remained cash generative and has a strong balance sheet as we look to continue to execute on our successful acquisition strategy. The board remains confident there is a strong and growing demand for optimisation services as ESG becomes a higher priority for Corporates."
In July 2020, the group completed a fundraising of £31.3m through an oversubscribed placing of £30.0m, with a further £1.3m raised via an open offer.
It also sold off its arm that served small and medium sized enterprises, which had been loss making since Q2 as a result of the significant reduction in SME customer energy switching activity and consumption.
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