REG - eEnergy Group PLC - Trading Update

EenergyAnnouncement

25/01/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230125:nRSY7550Na&default-theme=true

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 £15.1 million (H1 2022: £9.6 million)
 ·         Improving operating margin with Adjusted EBITDA((1)) up 87% to £1.5 million
           (H1 2022: £0.8 million)
 ·         Cash as at 31 December 2022 was £1.1m (30 June 2022: £1.4m) excluding £0.4m
           of restricted cash balances (30 June 2022: £0.2m)

Business Segments

 

Energy Services revenues were £8.5 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 £6.5 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 £1.1 million (30 June 2022: £1.4million),
excluding £0.4m of restricted cash balances (30 June 2022: £0.2m),
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 £26.4 million over 4 years (up 45% from 31 December
2021). Of the Forward Order Book, £8.8 million is expected to be recognised
as revenue in H2 FY23 and £6.8 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 (http://www.eenergy.com)
or contact:

 

 eEnergy Group plc                                                Tel: +44 20 7078 9564
 Harvey Sinclair, Chief Executive Officer                         info@eenergy.com (mailto:info@eenergyplc.com)

 Crispin Goldsmith, Chief Financial Officer                       www.eenergy (https://www.eenergy.com/) .com

 Singer Capital Markets (Nominated Adviser and Joint Broker)      Tel: +44 20 7496 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 (mailto: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. 

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 (mailto:rns@lseg.com)
 or visit
www.rns.com (http://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 (https://www.lseg.com/privacy-and-cookie-policy)
.   END  TSTUSSUROKUAUUR