TIDMETP
RNS Number : 8212S
Eneraqua Technologies PLC
14 March 2023
14 March 2023
Eneraqua Technologies plc
("Eneraqua Technologies", the "Company" or the "Group")
Year End Trading Update
Eneraqua Technologies plc, a provider of specialist energy and
water efficiency solutions, announces an update on trading for the
year ended 31 January 2023 (FYJan23).
The Company has continued to deliver on its growth strategy,
with both revenue and profit well ahead of FYJan22 and expects to
report revenues of approximately GBP55.0m, which are 54% up on
FYJan22. Gross margin is anticipated to be ahead of expectations(1)
and EBITDA(2) within the range of market expectations.
Full year revenues are lower than previously targeted which
reflect changes, near the end of the period, to project
commencements due to inflationary and cost pressures on the capital
budgets of certain clients. No contracts have been cancelled, with
delivery moving into future years.
The improved gross margin is due to a change in the mix of
projects, with higher margin projects coming into the latter part
of the period. In addition, it reflects tight control of direct
costs and the pass through of costs to customers.
Net debt at the end of January was approximately GBP4.7m,
reflecting investment in working capital, which is expected to
unwind in the current financial year.
Decarbonisation, net zero targets, energy efficiency and water
efficiency regulation continue to have a positive impact on the
Group's target markets both in the UK and internationally. This is
illustrated by the ongoing work with new and existing clients
across both the UK public and private sectors.
The Order Book(3) has grown and is now at a record level, with
GBP110m in contracted and secured work, of which 72% is due to be
delivered in FYJan24. This proportion represents 99% of the FYJan24
revenue target (previously 85% as announced in October 2022). While
early in the current financial year, the Board remains confident in
the Group's outlook for the year ahead.
Mitesh Dhanak, CEO of Eneraqua Technologies commented : " It has
once again been a record year for Eneraqua with another period of
significant growth reflecting the strength of our decarbonisation
and water efficiency solutions. We remain confident in the Group's
outlook for the year ahead."
(1) The Company considers that the range of market expectations
for the year ended 31 January 2023 are for revenues of GBP61.3m to
GBP61.5m and EBITDA of GBP11.4m to GBP12.2m.
(2) Earnings before Interest, Tax, Depreciation and
Amortisation.
(3) Order Book defined as Contracted + Secured. Contracted =
project contract issued and signed, with work started or ready to
start. Secured = sum of a) tender process successful, awaiting
project contract, and b) Directors' assumed win rate on Framework
opportunities.
For more information, please contact:
Eneraqua Technologies plc Via Alma PR
Mitesh Dhanak, CEO www.eneraquatechnologies.com
Iain Richardson, CFO
finnCap Limited - Nominated adviser and
Joint Broker +44(0)20 7220 0500
Ed Frisby / Charlie Beeson - Corporate
Finance
Andrew Burdis / Sunila de Silva - ECM
Singer Capital Markets - Joint Broker +44(0)20 7496 3000
Sandy Fraser / Justin McKeegan / Asha
Chotai
Alma PR - Financial PR and IR +44(0)20 3405 0205
Justine James / Sam Modlin / Will Ellis eneraqua@almapr.co.uk
Hancock
Notes to editors
Eneraqua Technologies (AIM:ETP) is a specialist in energy and
water efficiency. The Group has two divisions energy and water.
Energy is the larger division, with the Company focused on clients
with end of life gas, oil or electric heating and hot water
systems. The Group provides turnkey retrofit district or communal
heating systems based either on high-efficiency gas or ground/air
source heat pump solutions that support Net Zero and
decarbonisation goals.
The water division is a growing service offering focused on
water efficiency upgrades for utilities and commercial clients
including hotels and care homes.
The activities in both divisions are underpinned by the
Company's wholly-owned intellectual property, the Control Flow
HL2024 family of products which reduce water wastage and improve
the performance of heating and hot water systems.
The Company's main country of operation is the United Kingdom.
The Company's head office is based in London with additional
offices in Leeds, Washington (Sunderland), India, Spain and the
Netherlands. The Company has 168 employees, with the majority
employed within the UK. Eneraqua Technologies has received the
London Stock Exchange's Green Economy Mark.
To find out more, please visit: www.eneraquatechnologies.com
The information contained within this announcement is deemed to
constitute inside information as stipulated under the retained EU
law version of the Market Abuse Regulation (EU) No. 596/2014 (the
"UK MAR") which is part of UK law by virtue of the European Union
(Withdrawal) Act 2018. The information is disclosed in accordance
with the Company's obligations under Article 17 of the UK MAR. Upon
the publication of this announcement, this inside information is
now considered to be in the public domain.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
TSTNKNBNDBKBBND
(END) Dow Jones Newswires
March 14, 2023 03:00 ET (07:00 GMT)
Eneraqua Technologies (LSE:ETP)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Eneraqua Technologies (LSE:ETP)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024