TIDMEAAS
RNS Number : 7762Z
eEnergy Group PLC
27 January 2022
27 January 2022
eEnergy Group plc
("eEnergy", "Company" or "the Group")
Pre-Close Trading Update and Full Year Outlook
eEnergy (AIM: EAAS), a leading Energy Efficiency-as-a-Service
and Energy Management-as-a-Service business in the UK and Ireland,
is pleased to provide an update on trading for the six months ended
31 December 2021.
Group Trading and Highlights
-- H1 Revenues up 44% to GBP9.7 million
-- EBITDA before exceptional items up 120% to GBP0.8 million
-- Profit before exceptional items of GBP0.4 million (H1 2021: GBP0.1 million)
-- GBP18.3 million of contracted forward revenues over four
years, up 250% from 31 December 2020, with GBP5.3 million
converting into revenue during H2 2022
-- The Board expects to trade broadly in-line with market expectations for the full year
Energy management
Energy management revenues were GBP4.9 million in the Period
compared to GBP0.2 million for the six months ended 31 December
2020. The revenues in the Period reflect the first full interim
results from Beond and the results of UtilityTeam since its
acquisition in September. Beond, which was acquired in December
2020, has significantly outperformed the Board's expectations for
its first full year within the Group. The integration of
UtilityTeam is progressing well (to be completed by June 2022) and
the business is performing in line with management expectations.
Since the acquisition, the Group has secured or renewed a number of
major energy management contracts, including one worth GBP2.4
million over 4 years. The volatile energy prices through 2021 have
played to the strengths of the Company's technology and consulting
led energy management business and contract renewals have remained
in-line with historical rates.
Energy efficiency
Energy efficiency revenues were GBP4.8 million in the Period,
which is equivalent to the second half of the year ended 30 June
2021 and GBP1.8 million less than the six months ended 31 December
2020 (a period which benefited from a catch up effect in
installations after the first period of lockdown). Since the
beginning of the COVID pandemic the Group has seen volatility in
the length of its sales cycle as well as a concentration of
installations in the school holidays. The impact of this has become
less acute in the latter half of 2021 and recent success in
marketing at events and conferences means the Group has already met
its lead generation target for the full year and has its strongest
ever pipeline of new business opportunities. Conversion rates
remain consistent with historical norms and, combined with
installation network capacity and greater flexibility around
installation windows from schools, means the Board expects a strong
level of energy efficiency installations and revenue growth in the
second half.
Full Year Outlook
The Group has a growing pipeline of opportunities for the
remainder of the financial year and has contracted forward revenues
(based on expected consumption), as at 31 December 2021 ("Forward
Order Book"), of GBP18.3 million over 5 years (up 250% from 31
December 2020). Of the Forward Order Book, GBP5.3 million is
expected to be recognised as revenue in H2 FY22 and GBP6.5 million
recognised in FY23. eEnergy continues to make significant strategic
progress towards its stated goal to provide a simple, end to end
solution to organisations and companies wanting an economic and
effective path to Net Zero emissions. As such, the Board expects to
trade broadly in-line with market expectations for the current
financial year.
eEnergy's growing portfolio of energy reduction solutions,
complemented by the four acquisitions since Admission, has helped
diversify the Group, improve its quality of earnings and generate
scale. eEnergy now has the ability to offer customers a broad range
of products and services and expertise in energy management, energy
efficiency and intelligent measurement and analysis, cultivating a
large and relevant customer base to which the Group is seeking to
cross-sell by delivering its end-to-end offering.
The Company is now able to provide its clients with onsite solar
generation and intend to add electric vehicle charging solutions by
the end of FY22. The structural and regulatory growth drivers that
the Group is exposed to remain highly attractive and will support
Management's growth ambitions over the medium term.
Harvey Sinclair, CEO, eEnergy said: "The first half has been
another busy period which has seen the Group win new contracts as
well as successfully integrate the acquisition of leading energy
management group, UtilityTeam. We continue to expand our digital
energy services to meet the growing needs of businesses and
organisations on their paths to Net Zero.
"We are very encouraged by the momentum in our forward order
book and the macro outlook for our growing position in the market.
We have over GBP18 million of contracted forward revenue for the
coming years, a new record which reflects our successful strategy
to broaden our services and deepen our relationships with both new
and existing clients."
Contacts:
eEnergy Group plc Tel: +44 20 7078
9564
Harvey Sinclair, Chief Executive Officer info@eenergyplc.com
Ric Williams, Chief Financial Officer www.eenergyplc.com
Crispin Goldsmith, Chief Strategy & Commercial
Officer
Singer Capital Markets Tel: +44 20 7496
(Nominated Adviser and Joint Broker) 3000
Justin McKeegan, Mark Taylor, Asha Chotai
(Corporate Finance)
Tom Salvesen (Corporate Broking)
Turner Pope Investments Tel: +44 20 3657
(Joint Broker) 0050
Andy Thacker, James Pope info@turnerpope.com
Tavistock Tel: +44 207 920
3150
Jos Simson, Heather Armstrong, Katie Hopkins eEnergy@tavistock.co.uk
About eEnergy Group plc
eEnergy Group plc is an integrated energy services company,
enabling organisations to transition to 'Net Zero' through
"Energy-as-a-Service". The Group offers:
-- Energy Management as-a-Service; providing energy measurement,
monitoring and analytics on top of core "Zero Carbon" procurement
services;
-- Energy Efficiency as-a-Service; zero upfront capital, energy
reduction solutions through measured savings contracts including
its LED businesses; and
-- Enhanced customer value proposition through data gathered and
analysed with its proprietary MY ZeERO platform
eEnergy was admitted to AIM in January 2020 with a strategy to
use its market leading eLight "Light as-a-Service" business as the
foundation to expand eEnergy as a broader energy services company
via a 'buy and build' strategy. The Group has completed four
transactions since admission, building a Top 5 energy management
business in the UK and acquiring proprietary smart metering and
analytics capability through the investment in MY ZeERO. The
Board's strategy continues to be to build a broader energy services
company through acquisition with a particular focus on energy
efficiency related capabilities and technologies. The market in the
EU for energy efficiency services was approximately EUR25 billion
in 2017 and is expected to double by 2025.
eEnergy has been awarded The Green Economy Mark by the London
Stock Exchange, which recognises a company's work on
sustainability.
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END
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