Lancashire tech services firm sees revenues leap in ‘strong’ year

The Kirkham-based firm, formerly known as Inspired Energy until a name change was agreed at the last AGM, said revenues for the year ending December 31, 2021, rose from £46.1m to £67.9m.

Bosses said 2021 was a “strong year” for the group of companies which saw solid organic growth, with a significant increase in revenue, in part reflecting the bounce-back in activity as Covid-19 restrictions were lifted.

They said trading gained strong momentum in the second half of the year as the strategic plans it initiated in 2019 came to fruition.

Bosses also said that the favourable underlying value drivers among its customer companies trying to do the right thing socially with Net Zero Carbon and Environmental, Social, and Governance, also continued to drive growth and opportunity for Inspired.

Group Adjusted EBITDA increased by 55 per cent, driven by significant increases in contribution from Optimisation Services, generating £5m having contributed a loss of £0.5m in 2020,

The pick up in performance meant that the group made a pre-tax profit of £1.1m compared to the £4.5m loss from coronavirus hit 2020.

The year also saw the completed acquisition of Businesswise Solutions Limited and General Energy Management Limited.

The company has announced the appointment of David Cockshott to the board as an executive director, with effect from April 1.

He joined the group in 2020 as chief commercial officer, bringing over 30 years’ experience in the energy sector.

Chief executive Mark Dickinson said: "Despite the changing landscape, we are delighted to report on a period of significant progress across the Group in 2021, both financially and operationally. The performance reflects the continuing recovery in energy consumption, alongside a return to on site access to client premises, accelerating the delivery and implementation of energy optimisation services.

“Turning to current trading, we are pleased that Q1 has started in line with expectations, and we are continuing to successfully manage the uncertain macroeconomic and geopolitical backdrops. Inspired remains focused on helping its clients manage their costs and sustainability challenges through this crisis.

“Looking ahead, the trend towards greater ESG focus coupled with strong growth of the Group's revenues, and adjusted EBITDA in the year, has created a strengthened platform capable of generating long-term growth, and underpins the Board's confidence in achieving our financial goals.”