eEnergy Group PLC Trading Update (7550N)
25 Enero 2023 - 1:00AM
UK Regulatory
TIDMEAAS
RNS Number : 7550N
eEnergy Group PLC
25 January 2023
25 January 2023
eEnergy Group plc
("eEnergy" or "the Group")
Trading Update
eEnergy (AIM: EAAS), the net zero energy services provider, is
pleased to provide an update on trading for the six months ended 31
December 2022 ("Period").
Group Trading and Highlights
The Board is pleased with progress made on trading during
H1.
-- Strong H1 revenue growth, up 58% to GBP15.1 million
(H1 2022: GBP9.6 million)
-- Improving operating margin with Adjusted EBITDA(1)
up 87% to GBP1.5 million (H1 2022: GBP0.8 million)
-- Cash as at 31 December 2022 was GBP1.1m (30 June 2022:
GBP1.4m) excluding GBP0.4m of restricted cash balances
(30 June 2022: GBP0.2m)
Business Segments
Energy Services revenues were GBP8.5 million in the Period, a
79% increase compared to the six months ended 31 December 2021 ("H1
2022") reflecting momentum in the sales pipeline and despite higher
margin solar revenues being delayed into H2. Energy Management
revenues were GBP6.5 million, a 35% increase compared to H1 2022,
with revenues reflecting consumption in line with expectations and
strong renewal levels.
Cash Position
Cash as at 31 December 2022 was GBP1.1 million (30 June 2022:
GBP1.4million), excluding GBP0.4m of restricted cash balances (30
June 2022: GBP0.2m), reflecting scheduled payments of trade
creditors and legacy balance sheet items following drawdown of the
new subordinated debt facility.
Full Year Outlook
The Group has a growing pipeline of opportunities for the
remainder of the financial year and has contracted forward revenues
("Forward Order Book"), as at 31 December 2022, of GBP26.4 million
over 4 years (up 45% from 31 December 2021). Of the Forward Order
Book, GBP8.8 million is expected to be recognised as revenue in H2
FY23 and GBP6.8 million recognised in FY24.
Amortisation charges will reflect full year effect of certain
items, with increased finance costs relating to a generally higher
interest rate environment and the new subordinated debt
facility.
Given the strength of the pipeline and historic H2 weighting,
whilst recognising the importance of the next two key trading
months ahead, the Board is cautiously optimistic for the trading
outlook for FY2023
eEnergy expects to report its interim results during the week
commencing 27 March 2023.
Note: (1) Adjusted EBITDA excluding Exceptional Items.
Exceptional Items are those items which, in the opinion of the
Directors, should be excluded in order to provide a consistent and
comparable view of the underlying performance of the Group's
ongoing business, including the costs incurred in delivering the
'Buy & Build' strategy associated with acquisitions and
strategic investments, costs of restructuring and transforming
acquired businesses and share-based payments.
For further information, please visit www.eenergy.com or
contact:
eEnergy Group plc Tel: +44 20 7078
9564
Harvey Sinclair, Chief Executive Officer info@eenergy.com
Crispin Goldsmith, Chief Financial Officer www. eenergy .com
Singer Capital Markets (Nominated Adviser Tel: +44 20 7496
and Joint Broker) 3000
Justin McKeegan, Asha Chotai, James Maxwell
(Corporate Finance)
Tom Salvesen (Corporate Broking)
Canaccord Genuity Limited (Joint Broker) Tel: +44 20 7523
8000
Max Hartley, Tom Diehl (Corporate Broking)
Kit Stephenson (Sales)
Tavistock Tel: +44 207 920
3150
Jos Simson, Heather Armstrong, Katie Hopkins eEnergy@tavistock.co.uk
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 company and has been awarded The
Green Economy Mark by London Stock Exchange.
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END
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