TIDMEAAS
RNS Number : 2190T
eEnergy Group PLC
21 July 2022
21 July 2022
eEnergy Group plc
("eEnergy" or "the Group")
Trading and Board Update
eEnergy (AIM: EAAS), the net zero energy services provider, is
pleased to provide the following update in respect to the financial
year ended 30 June 2022.
The Board is pleased to confirm that the Group generated revenue
of GBP22.0 million and Adjusted EBITDA of GBP3.0 million for the
period(1) and is well placed to deliver significant year-on-year
revenue and Adjusted EBITDA growth for FY23(2) .
The Group delivered a record performance in Q4 FY22 with
revenues of GBP8.3 million and Adjusted EBITDA of GBP2.0 million.
Due to strong demand seen across our services, the Group enters
FY23 benefitting from a strong pipeline and encouraging
momentum.
FY22 Highlights
-- Revenues of GBP22.0 million (up 62% from GBP13.6 million in
FY21), split between Energy Management and Energy Efficiency
divisions (representing 52% and 48% respectively)
-- Further progress made in complementing organic growth with
strategic acquisitions, with the Group's largest acquisition
to-date, Utility Team, completed in H1 FY21
-- Adjusted EBITDA of GBP3.0 million (up 261% vs. FY21)
-- Significant progress with additional project funding through
SUSI Partners AG and successful debt refinancing with Silicon
Valley Bank in H2 FY22
-- Completed commercial launch of MY ZeERO, eCharge and eSolar with demonstrated strong demand
-- Net Bank Debt (excluding lease liabilities) of GBP3.7 million
following investment and inventory build in MY ZeERO, funding of
deferred consideration payments and non-recurring integration costs
related to the UtilityTeam acquisition and working capital
absorption due to timing of June Energy Efficiency installations
and shift in supplier payment terms in Energy Management as
previously highlighted
FY22 has seen rigorous focus on integrating the business into a
single compelling proposition, helping organisations achieve net
zero without capital investment, coming together under the one
eEnergy brand from 1 July 2022. This has contributed, together with
the increasing cost of energy, to increasing momentum in both
client acquisition and also the adoption of multiple new services
by existing accounts.
New Business opportunities developed well during Q4 across both
Energy Management and Energy Services and the Group enters FY23
benefitting from a robust contracted order book and a strong sales
pipeline.
FY23 Outlook
-- Forward order book of GBP25.3 million (up from GBP18.3
million at 31 December 2021) across both Energy Management and
Energy Services divisions:
o 88% Q1 revenues contracted as at 30 June 2022
o 39% FY23 revenues contracted as at 30 June 2022
-- Cash flows are expected to reflect continued re-investment of
cash profits into growth opportunities, in particular MY ZeERO to
meet expected customer demand, and payment of certain non-recurring
balance sheet items. It is expected this will be funded by
operating cash generation and/or borrowings, as appropriate
-- Looking ahead, the Board remains confident that the Group is
well placed to continue to deliver on its strategic objectives and
the underlying growth of the business
Board Update
Further to the announcement of 4 May 2022, the Company is
pleased to announce Crispin Goldsmith, the Company's Interim CFO,
has been appointed on a permanent basis and joins the Board with
immediate effect. Disclosures required under the AIM Rules for
Companies are provided below. Crispin was previously eEnergy's
Chief Strategy & Commercial Officer.
Harvey Sinclair, CEO of eEnergy Group plc, commented: "We are
pleased to announce a record Q4 which follows the record contract
signings achieved in Q3. The continued energy crisis continues to
generate strong demand for our integrated Net Zero offering with
the new business pipeline developing strongly as we enter the new
financial year.
"FY22 saw investment in our platform, our people and our
proposition as we integrated our businesses under the single
eEnergy brand. We continue to invest in our innovative suite of
products and services , as well as seeking additional cross-sell
opportunities amongst our existing and new customer base, as we
execute our strategy of delivering a unique market leading
solution.
"Finally, I would like to formally welcome Crispin Goldsmith as
permanent CFO and Board member. Crispin brings with him a wealth of
knowledge and experience that will benefit the continued growth of
the business and we look forward to the future with optimism . We
would like to thank Ric for his services to the Group and wish him
all the best for the future."
Note:
(1) Market consensus forecast for year ended 30 June 2022:
Revenue GBP23.0m; Adjusted EBITDA GBP3.0m.
(2) Market consensus forecast for year ending 30 June 2023:
Revenue GBP30.5m; Adjusted EBITDA GBP5.0m.
Contacts:
eEnergy Group plc Tel: +44 20 7078 9564
Harvey Sinclair, Chief Executive info@eenergyplc.com ; www.eenergyplc.com
Officer
Crispin Goldsmith, Chief Financial
Officer
Singer Capital Markets (Nominated Tel: +44 20 7496 3000
Adviser and Joint Broker)
Justin McKeegan, Mark Taylor, Asha
Chotai (Corporate Finance)
Tom Salvesen (Corporate Broking)
Canaccord Genuity Limited (Joint Tel: +44 20 7523 8000
Broker)
Max Hartley, Tom Diehl (Corporate
Broking)
Kit Stephenson (Sales)
Tavistock Tel: +44 207 920 3150
Jos Simson, Heather Armstrong, eEnergy@tavistock.co.uk
Katie Hopkins
Regulatory Disclosures
In accordance with Schedule 2(g) of the AIM Rules for Companies,
Crispin Kinglake Goldsmith (aged 46) is, or has been within the
previous five years, a director or partner of the following
companies or partnerships:
Current directorships/partnerships Past directorships/partnerships
OAR Advisors Ltd N/A
Prize Ventures Ltd
Crispin has a beneficial interest in 530,100 ordinary shares in
eEnergy (held via OAR Advisors Ltd, a company of which he has full
beneficial ownership). In addition, Crispin holds a total of
2,500,000 options to subscribe for ordinary shares in eEnergy
(1,900,000 EMI options and 600,000 non-advantaged options),
pursuant to the Group's management LTIP.
There are no further disclosures to be made under Schedule 2(g)
of the AIM Rules for Companies.
About eEnergy Group plc
eEnergy (AIM: EAAS) is a net zero energy services provider ,
empowering organisations to achieve net zero by tackling energy
waste and transitioning to clean energy, without the need for
upfront investment. It is making net zero possible and profitable
for all organisations in four ways:
-- Transition to the lowest cost clean energy through our
digital procurement platform and energy management services.
-- Tackle energy waste with granular data and insight on energy
use and dynamic energy management.
-- Reduce energy use with the right energy efficiency solutions without upfront cost.
-- Reach net zero with onsite renewable generation and electric vehicle (EV) charging.
eEnergy is a Top 5 B2B energy management company which has been
awarded The Green Economy Mark by London Stock Exchange.
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