REG - eEnergy Group PLC - Trading Update

EenergyAnnouncement

27/07/2023 07:15

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RNS Number : 3959H  eEnergy Group PLC  27 July 2023

27 July 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 12 months ended 30 June 2023 (the
"Period"). As previously announced on 22 June 2023, the Group has changed its
accounting reference date and financial year end from 30 June to 31 December.
Accordingly, the Group will be publishing its unaudited interim accounts for
the 12 months to 30 June 2023 by 30 September 2023.

 

Group Trading and Highlights for the Period (unaudited)

 

The Board is pleased to announce the Group generated revenue of £33.1 million
and Adjusted EBITDA of £4.7 million.

 

 ·             Revenue up 50% to £33.1 million (FY 2022: £22.0 million)

               o  Energy Services revenue £19.5 million, up 86%, Adj EBITDA £2.3 million,
               up 137%

               o  Energy Management revenue £13.6 million, up 17%, Adj EBITDA £4.4
               million, up 19%
 ·             Adj EBITDA((1))  up 55% to £4.7 million (FY 2022: £3.0 million)
 ·             Adj PBT((2)) up 34% to £2.7 million (FY 2022: £2.0 million)
 ·             PBT £1.1 million (FY 2022 Loss Before Tax: £(2.2) million)

 

Financing costs during the Period were higher due to, inter alia, the new
subordinated debt facility issued in November 2022 and the higher interest
rate environment.

 

Business Segments

 

Energy Services revenues were £19.5 million (FY22: £10.5
million) delivering divisional operating profit of £2.3million (FY22 £1.0
million) with substantial growth supported by continuing strong customer
demand for the Group's products and services.

Energy Management revenues were £13.6 million (FY22: £11.6 million)
delivering divisional operating profit of £4.4 million (FY22: £3.7 million),
achieved by high customer retention levels and strong re-occurring revenues.

 

Net Debt

 

 ·             Cash at 30 June 2023 of £0.8 million (31 December 2022: £1.1 million)
               excluding £0.5 million of restricted cash balances (31 December 2022: £0.4
               million)
 ·             Net Debt (excluding IFRS 16 lease liabilities) at 30 June 2023 of £7.0m (31
               December 2022: £6.6m)
 ·             During the period since 1 January 2023, payments of £0.9 million relating to
               legacy HMRC liabilities have been made, clearing all historic overdue amounts

 

Full Year Outlook

 

The Company's contracted revenue book remains strong and gives good visibility
on Q5 / Q6 revenues. Contracted forward revenues ("Forward Order Book") at 30
June 2023  were £27.5 million (31 December 2022: £26.4 million), of which
£14.1 million are expected to convert into revenues in the six months to 31
December 2023.

The Board is confident in the trading outlook for the remainder of FY23 and
beyond.

eEnergy expects to report its unaudited interim accounts for the 12 months to
30 June 2023 by 30 September 2023.

 

Harvey Sinclair, CEO of eEnergy, commented: "I am delighted to be reporting
another 12 months of strong growth for eEnergy in  a period where we have
strengthened our profitable position. Revenues and profits have grown
significantly  as a result of strong uptake of our energy services offering,
further supported by strong customer retention and improved cross selling
rates across our existing client base."

 

 

Note: (1) Adjusted EBITDA including £2.0 million of Group costs and 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.

(2) Adjusted PBT excluding Exceptional Items and amortisation of acquired
intangible assets.

 

 

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) No. 596/2014, as it forms part of UK domestic
law by virtue of the European Union (Withdrawal) Act 2018, as amended.

 

Contacts:

 

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

                                                  (http://www.eenergyplc.com)
 Crispin Goldsmith, Chief Financial Officer

 Strand Hanson Limited (Nominated Adviser)          Tel: +44 20 7409 3494
 Richard Johnson, James Harris

 Canaccord Genuity Limited (Joint Broker)           Tel: +44 20 7523 8000
 Max Hartley, Tom Diehl (Corporate Broking)

 Turner Pope Investments (Joint Broker)             Tel: +44 20 3657 0050
 Andy Thacker, James Pope                           info@turnerpope.com

 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 the Group's 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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