REG - eEnergy Group PLC - Unaudited HY Results - Six Months Ended 30.06.25
Tue 07:00
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RNS Number : 9457R eEnergy Group PLC 22 July 2025
22 July 2025
eEnergy Group plc
("eEnergy", "the Company" or "the Group")
Unaudited Half Year Results for the Six Months Ended 30 June 2025
eEnergy (AIM: EAAS), the net zero energy services provider, announces its
unaudited half year results for the six months ended 30 June 2025 ("H12025").
These results should be read in conjunction with the FY2024 Final Results
announced on 30 June 2025.
Financial
· Revenue increased 67% to £10.1m (H12024: £6.0m*).
· Gross margin significantly improved to 41.6% (H12024: 19.2%*,
FY2024: 34.6%*) benefitting from favourable mix of higher LED revenue and
tighter control over project costs.
· Adjusted EBITDA** increased by £2.5m to £0.5m (H12024: EBITDA
loss £2.0m*).
· Adjusted EBITDA pre-central costs increased by £2.5m to £1.4m
(H12024: EBITDA loss £1.1m*) equivalent to circa 14.4% of revenue (H12024:
negative return of 18.0%).
· Operational gearing improved with LED and Solar total operating
costs as a % of revenue reduced to circa 27% (H12024: 37%).
· Central costs held at £0.9m (H12024: £0.9m).
· Except for a share-based payments charge of £0.4m, there are no
exceptional items to report in H12025 (H12024: £2.3m; FY2024: £7.6m).
· Significant cash generation in the period with a £0.8m increase
in cash to £3.1m (31 December 2024: £2.3m; 30 June 2024: £6.0m).
· Including IFRS16 liabilities, net cash increased by £4.3m to
£1.9m in the six months to 30 June 2025 (31 December 2024: net debt (£2.4m);
30 June 2024: net cash £5.4m) helped by Redaptive's purchase of NatWest
customer related debt and the initiatives already implemented relating to cash
flow.
Operational
· Under the Redaptive partnership, Redaptive to provide funding of
up to £100m for eEnergy customer projects; eEnergy established as one of
Redaptive's dedicated delivery partners for the UK.
· £40m NatWest facility for funding public sector projects still
available.
· Launch of SolarLife, a structured solar operations and
maintenance service.
· Appointment to five frameworks broadening channels to market
alongside direct sales.
· New sales wins include £0.5m Plymouth NHS Trust, £0.3m Synergy
MAT, and £0.3m Landau Forte Trust.
· Awarded Bronze sustainability rating by EcoVadis, placing the
Group in the top 35% of companies assessed globally.
Outlook
· Growing sales pipeline of circa £443m gross value of which 31%
(£138m) is at investment grade proposal.
· Solar business continues to perform strongly with record order
book of £15m for H22025 and beyond at signed heads of terms or close to
contract.
· Trading remains in line with management expectation for FY2025.
· Expect to continue to be cash generative in H22025 and for the
year as a whole.
Notes
*H12024 comparatives exclude the impact of the Energy Management Division
which was sold in February 2024 for circa £25.0m in cash.
**Adjusted EBITDA is stated before share-based payments and exceptional items
(including redundancy costs) and are those items which, in the opinion of the
Directors, should be excluded to provide a consistent and comparable view of
the underlying performance of the Group's ongoing business.
Commenting on the results, Harvey Sinclair, CEO, said: "In the first half of
the year, critically we generated positive cash flow with a £0.8m increase in
cash to £3.1m as at 30 June 2025 (31 December 2024: £2.3m).
"We have continued to rationalise our cost base to improve our operating
leverage and are at an important inflection point for our future profitability
and further positive cash flow as we convert the sales pipeline.
"Our partnership with Redaptive provides a significant growth opportunity for
eEnergy and gives us the firepower to accelerate and deliver more funded
decarbonisation projects, and across every sector with better cash flow for
eEnergy. The partnership is progressing well and has helped improve our cash
flow. In H12025, Redaptive purchased the debt owed by NatWest customers and
Redaptive is now collecting the income stream from those customers over the
life of the contracts.
"We are optimistic about what will be an active H2 which is typically busier
than H1. The Group's strong pipeline of sales opportunities, its improved
participation on frameworks and a clear line of sight to significant potential
business referred by Redaptive, give us confidence that trading remains in
line with management expectations for FY2025."
Investor Presentation
There will be an online presentation, open to all existing and potential
shareholders, via Investor Meet Company at 9.30am tomorrow, Wednesday 23 July
2025. Questions can be submitted pre-event via the Investor Meet Company
dashboard up until 8am on 23 July 2025 or at any time during the live
presentation.
Investors can sign up to Investor Meet Company for free and add to meet
eEnergy Group plc via:
https://www.investormeetcompany.com/eenergy-group-plc/register-investor
(https://www.investormeetcompany.com/eenergy-group-plc/register-investor)
The person responsible for arranging for the release of this announcement on
behalf of eEnergy is Harvey Sinclair, Chief Executive Officer.
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@eenergy.com)
John Gahan, Chief Financial Officer
Strand Hanson Limited (Nominated Adviser) Tel: +44 20 7409 3494
Richard Johnson, James Harris, David Asquith
Canaccord Genuity Limited (Broker) Tel: +44 20 7523 8000
Max Hartley, Harry Pardoe (Corporate Broking)
Tavistock Tel: +44 20 7920 3150
Jos Simson, Simon Hudson, Katie Hopkins eEnergy@tavistock.co.uk (mailto:eEnergy@tavistock.co.uk)
About eEnergy Group plc
eEnergy (AIM: EAAS) is revolutionising the path to Net Zero as a leading
digital energy services provider for B2B and public sector organisations. We
eliminate the barriers to clean energy generation and energy waste reduction,
offering solutions that do not require upfront capital investment by our
customers. Our vision is clear: make Net Zero possible and profitable for
every organisation.
Our primary services include:
· Reduce: LED lighting and controls
· Generate: Solar PV, ground mount, rooftop, and carport
· Charge: EV charging and management software
All eEnergy's services come with intelligent circuit-level energy analytics
and are funded through a panel of funders (including Redaptive and NatWest) to
provide an off-balance sheet-compliant energy-as-a-service solution.
eEnergy has completed over 1,100 decarbonisation projects within the B2B and
public sector. We are #1 in the education sector, having worked with over 840
schools, installed over half a million LED lights, and improved the learning
environment for over 443,000 students enough to fill Wembley Stadium almost
five times over.
In one year alone, eEnergy saved the education sector £13 million in energy
costs. With over 70% of schools yet to transition to LED lighting and over 90%
yet to deploy solar, eEnergy estimates that at least £5.4 billion would need
to be invested to install adequate rooftop solar, LED lighting, and EV
charging infrastructure in UK schools.
eEnergy is a market leader within the education sector and has been awarded
the Green Economy Mark by the London Stock Exchange.
Chief Executive Officer Statement
It has been six months of sustained effort with tangible outcomes, notable
contract wins and three further framework appointments. We have also focussed
on driving operational improvements to boost Adjusted EBITDA and improve cash
flow during the period.
After the issues encountered in 2024, we have strengthened our infrastructure
and financial controls and boosted margins. We are already delivering improved
results: revenues increased by £4.1m (67%) to £10.1m and Adjusted EBITDA
improved by £2.5m (from a loss in H12024) to a £0.5m profit in the first
half of the year. Together with other operational improvements around pricing
and improved cost controls, this resulted in eEnergy being cash flow positive
in the period with a £0.8m increase in cash to £3.1m as at 30 June 2025 (31
December 2024: £2.3m).
Operational achievements
In May 2025, we entered a game-changing £100m funding partnership with
US-based Energy-as-a-Service and data solutions provider Redaptive Inc. This
has unlocked a huge opportunity for growth and gives eEnergy a boost to
deliver decarbonisation projects across every market sector. eEnergy is now
established as one of Redaptive's dedicated delivery partners for the UK,
allowing us to accelerate the delivery of our clean energy solutions by
leveraging Redaptive's global footprint. In H12025, Redaptive invested £7.6m
in eEnergy projects including the purchase of debt owed by customers funded
through NatWest.
The launch of SolarLife, a comprehensive solar asset management service built
to maximise system performance, safeguard financial returns, and ensure
long-term reliability, has expanded our service offering to drive long-term,
recurring revenues. At launch we secured the first series of service
agreements, including 75 solar systems across the education, healthcare and
commercial sectors with total contract values of £0.8m. With the rapid growth
of distributed solar, SolarLife ensures that solar installations perform at
their best, minimise downtime, and maintain strong financial and environmental
value for years to come.
During the period, eEnergy was appointed to three frameworks, taking the total
to five. The appointments are already yielding results, with contracts being
awarded, notably the £0.5m contract with University Hospitals Plymouth NHS
Trust won through the NHS Commercial Solutions framework. In March 2025, we
announced LED lighting contracts with Landau Forte Trust and Synergy Multi
Academy Trust with a combined contract value of £0.6m delivered through our
fully funded, off-balance sheet funding arrangements. These projects are
milestones for the business and demonstrate our continued success within the
public sector and the diversification of our client base into healthcare. They
also underscore the strength of our relationships and our delivery within our
funded model and our standout credentials in this sector.
In addition, eEnergy was awarded a Bronze sustainability rating by EcoVadis in
April 2025, placing us in the top 35% of companies assessed globally. This
independent recognition enhances our reputation as a responsible and
accountable partner, particularly among public sector clients who place
increased importance on ESG standards and ESG improvement credentials across
their supply chain networks.
After the recent period of restructuring, the Board is excited by the pipeline
of opportunities created and our achievements in H12025. Our market share as
the premier Energy-as-a-Service provider to the UK education sector continues
to increase, complemented by ongoing growth in the healthcare and commercial
segments.
Results
We started the year with a substantially debt-free balance sheet and a record
forward order book of £7.0m (£1.0m more than the £6.0m revenue for the
whole of H12024).
Our goal was to improve gross margin and cash generation. We achieved this in
H12025 with overall gross margin significantly improved to circa 41.6%
(H12024: 19.2%, FY2024: 34.7%). Revenue increased by £4.1m (67%) to £10.1m
(H12024: £6.0m) with strong first half revenue performance mainly driven by
higher LED revenue. Adjusted EBITDA increased by £2.5m to £0.5m (H12024:
Adjusted EBITDA loss £2.0m).
The market
Public and private sector customers alike are keen to adopt energy saving
solutions which save money and help those organisations on their journey
towards Net Zero. Our funded solutions are available with no upfront capital
cost to the customer which means customers can fulfil Government-backed
commitments to reduce the nation's carbon footprint and cut costs, even in
today's challenging economic environment.
The alignment of our differentiated product and service offering, along with
Government policy, underpins our growth prospects in the public sector where
barriers to entry remain high. In the private sector, being able to reduce
high energy costs when business and consumer spending are under pressure,
without a capital commitment continues to prove an attractive proposition.
Outlook
Building on the momentum established in 2024, eEnergy enters the second half
of 2025 with renewed purpose at an inflection point: a strong sales pipeline,
a strengthened operational delivery platform, a reduced cost base and the
right management team in place to deliver improved results. The pipeline of
solar opportunities has never been higher which bodes well for conversion of
the sales pipeline in H2.
Following the changes in the management team, improved controls and
operational processes, we are unquestionably delivering improved tangible
benefits, reflected in enhanced efficiency and greater financial disciplines
across the business. This, in turn, is reflected in the profit and cash flow
outturn. With these initiatives beginning to yield improved financial results,
the Group is well positioned to drive further growth and capitalise on market
opportunities in H22025.
Current trading remains in line with management expectations for FY2025, and
the Board expects the business to continue to be cash generative.
Harvey Sinclair
Chief Executive
22 July 2025
Chief Financial Officer Statement
Results
With improved financial controls, proactive management of net working capital,
tighter control of project quotations and project costs, together with
colleagues working more closely as one team, the Group was cash generative in
H12025. Cash increased in the period by £0.8m to £3.1m (31 December 2024:
£2.3m; H12024: £8.0m). This is a major achievement.
Revenue increased by £4.1m, or 67% to £10.1m (H12024: £6.0m) with stronger
revenue performance mainly driven by increased LED revenues. Reflecting the
benefit of higher revenue and favourable sales mix, Adjusted EBITDA increased
by £2.5m to £0.5m (H12024: EBITDA loss £2.0m and Adjusted EBITDA
pre-central costs increased by £2.5m to £1.4m (H12024: EBITDA loss £1.1m).
It is pleasing to see improvements in project budgeting and stronger financial
controls result in higher gross margins. Overall gross margin significantly
improved to circa 41.6% (H12024: 19.2%, FY2024: 34.7%).
Operational gearing significantly improved with LED and Solar total operating
costs as a percentage of Revenue reduced to 27% (H12024: 37%). Central costs
were held at £0.9m (H12024: £0.9m). LED and Solar total operating costs were
£2.7m or £2.5m excluding £0.2m of net restructuring costs and increased
marginally on H12024: £2.3m.
Adjusting / exceptional items in H12025 relate solely to the share-based
payments charge £0.4m (H12024: £2.3m which included a £0.3m share-based
payments charge; FY2024: £7.6m which included a share-based payments charge
of £1.6m). As outlined in the January 2025 investor presentation, we no
longer report restructuring costs in exceptional items.
In H12025, Redaptive purchased the debt owed by NatWest customers. Following
the purchase of the NatWest debt, Redaptive collects the cash directly from
eEnergy's customers removing all risk of customer default from eEnergy. The
total cost of finance includes a one-off £0.8m charge for the difference
between the book value of the loan repayable to NatWest and the cash received
from Redaptive. The charge for interest on funded projects (excluding the
Redaptive charge of £0.8m) amounted to £0.9m in H12025 (H12024: £0.3m).
Further analysis of the net finance charge is set out in the segmental
analysis in note 2 as it is important to appreciate that not all the interest
charge is a cash cost to eEnergy.
Our focus remains on significantly increasing the Solar and LED revenue to
drive up the EBITDA from the operations of the business to more than cover the
cash cost of the Group's central costs and the interest cost payable by the
Group on behalf of customers with funded solutions.
We now have a business that has generated cash broadly in line with the
Adjusted EBITDA and we have stringent control over the balance sheet. This is
the inflection point eEnergy has been working towards and can now build upon.
To reduce our cost base, we took further cost reduction action around the half
year point. We expect modest net cash and profit benefit from the headcount
reduction to be realised in H22025.
We believe there are further significant opportunities to improve net working
capital through better project planning, improving vendor supply terms and
through effective deployment of the Redaptive facility.
Including IFRS16 liabilities, net cash increased by £4.3m to £1.9m in the
six months to 30 June 2025 (31 December 2024: net debt £2.4m; 30 June 2024:
net cash £5.4m) helped by Redaptive's purchase of NatWest customer related
debt and the self-help initiatives already implemented around cash flow. We
remain well placed to continue to drive positive cash flow.
I thank my team for their contribution and professionalism to get the half
year results completed and published in record time for eEnergy. This is
indicative of the significant progress we have made to improve financial
controls and procedures across the business and marks a turning point in the
Group's financial reporting going forwards. This bodes well for further
profitable and cash generative growth.
John Gahan
Chief Financial Officer
22 July 2025
Consolidated statement of comprehensive income
For the six months to 30 June 2025
Note Six months to 30 June Six months Year to
2025 to 30 June 31 December
£'000 2024 2024
£'000 £'000
Continuing operations
Revenue from contracts with customers 2 10,065 6,020 25,057
Cost of sales (5,882) (4,864) (16,374)
Gross profit 4,183 1,156 8,683
Administrative expenses (3,947) (5,427) (14,855)
Distribution costs (403) (317) (1,270)
Operating loss (167) (4,588) (7,442)
Net finance costs ongoing business (i) (894) (345) (2,060)
Finance charge arising on Redaptive's purchase of NatWest debt (789) - -
Loss before tax (1,850) (4,933) (9,502)
Tax 330 (207) 1,644
Loss for the period from continuing operations (1,520) (5,140) (7,858)
Discontinued operations
(Loss) after tax for the period from discontinued operations (ii) - (3) (325)
Loss for the period (1,520) (5,143) (8,183)
Other comprehensive income
Items that may be reclassified subsequently to profit and loss
Translation of foreign operations (179) 53 317
Total other comprehensive loss - 53 317
Total comprehensive loss for the period (1,699) (5,090) (7,866)
Basic and diluted loss per share from continuing operations 5 (0.39p) (1.33p) (2.03p)
i. Net finance costs ongoing business are presented in more detail in
note 2 to show the underlying cash cost of the interest expense.
ii. It should be noted that following revisions to the disposal
accounting in H12024 in respect of the sale of the EMD, the tax charge was
restated to reflect the finalised Group tax position.
Reconciliation to Adjusted EBITDA (Non-GAAP Measure) Note Six months Six months Year to
to 30 June to 30 June 31 December
2025 2024 2024
£'000 £'000 £'000
Operating loss (167) (4,588) (7,442)
Adjustments for:
Depreciation and Amortisation 274 245 412
Adjusting items (iii) 4 401 2,295 7,591
Adjusted EBITDA (Non-GAAP Measure) 508 (2,048) 561
iii Items of income and expense that are considered by management for
designation as adjusting items include items such as significant corporate
restructuring costs including redundancy costs, acquisition and disposal
related costs, changes in initial recognition of contingent consideration and
share-based payment charge.
Consolidated statement of financial position
As at 30 June 2025
Note As at *As at As at
30 June 30 June 31 December
2025 2024 2024
£'000
£'000 £'000
NON-CURRENT ASSETS
Property, plant and equipment 198 264 227
Intangible assets 6 3,589 3,586 3,443
Right-of-use assets 948 504 560
Trade and other receivables - 7,076 -
Financial assets 7,178 - 12,848
Deferred tax asset 2,868 - 2,540
14,781 11,430 19,618
CURRENT ASSETS
Inventories - 225 -
Trade and other receivables 8,807 12,065 5,424
Financial assets 871 - 2,179
Cash and cash equivalents 3 3,132 5,989 2,317
12,810 18,279 9,920
TOTAL ASSETS 27,591 29,709 29,538
CURRENT LIABILITIES
Trade and other payables 13,158 10,112 9,261
Lease liabilities 211 220 189
Provisions 446 - 510
Financial liabilities - - 435
Borrowings 145 30 490
13,960 10,362 10,885
Net current (liabilities) / assets (1,150) 7,917 (965)
NON-CURRENT LIABILITIES
Lease liabilities 915 357 501
Borrowings - - 3,543
Deferred tax liability 115 - 115
Provisions 394 - 394
Financial liabilities 8,134 - 8,793
Other non-current liabilities - - -
9,558 357 13,346
TOTAL LIABILITIES 23,518 10,719 24,231
NET ASSETS 4,073 18,990 5,307
EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT
Issued share capital 16,494 16,494 16,494
Share premium 49,319 49,319 49,319
Other reserves 2,522 2,295 2,103
Reverse acquisition reserve (35,246) (35,246) (35,246)
Foreign currency translation reserve (61) (146) 118
Accumulated losses (28,955) (13,726) (27,481)
TOTAL EQUITY 4,073 18,990 5,307
* The balance sheet as at 30 June 2024 is shown as originally presented in the
H12024 Unaudited Interim Results. As such, the H12024 comparatives do not
reflect the prior period adjustments booked in H22024 as outlined in the
FY2024 Final Results. This means that the Total Equity of £19.0m shown above
as at 30 June 2024, is overstated by £12.5m. Post adjustment, Total Equity as
at 30 June 2024 is reduced to £6.5m.
Consolidated statement of cashflows
For the six months to 30 June 2025
Note Six months Six months Year to 31 December
ended 30 June 2025 ended 30 June 2024 2024
£'000 £'000 £'000
Operating (loss) (loss before interest & tax) (167) (4,588) (7,442)
Depreciation & amortisation 274 245 412
EBITDA continuing operations 107 (4,343) (7,030)
EBITDA discontinued operations - (197) 8
EBITDA 107 (4,540) (7,022)
Adjustments for:
Shares and warrants issue to settle expenses - - 228
Non-cash net working capital adjustments (20) 194 -
Share-based payment expense 401 278 1,620
Operating cashflow before working capital movements 488 (4,068) (5,174)
(Increase) in trade and other receivables (3,319) (4,368) (2,643)
Increase (decrease) in trade and other payables 3,707 (5,697) (2,387)
Decrease (increase) in financial assets 6,189 - (5,120)
(Decrease) increase in financial liabilities (1,353) - (1,808)
Decrease in inventories - 206 177
(Decrease) increase in provisions (64) - 258
(Increase) in deferred tax asset (328) - -
Increase in net accrued/deferred income - 2,502 -
Net cash inflow (outflow) from operating activities 5,320 (11,425) (16,697)
Cash flow from investing activities
Net cash on disposal of discontinued operations (including cash disposed) - 25,000 22,874
Expenditure on intangible assets 6 (139) (32) (18)
Purchase of property, plant and equipment (4) - (13)
Net cash (outflow) inflow from investing activities (143) 24,968 22,843
Cash flows from financing activities
Repayment of lease liabilities (235) (19) (357)
Proceeds from loans and borrowings 2,341 - 4,603
Net interest paid (6) - -
Repayment of borrowings (6,462) (8,167) (8,707)
Net cash (outflow) from financing activities (4,362) (8,186) (4,461)
815 5,357 1,685
Net increase in cash & cash equivalents
Cash & cash equivalents at the start of the period 2,317 632 632
Cash & cash equivalents at the end of the period 3 3,132 5,989 2,317
Consolidated statement of changes in equity
For the period ended 30 June 2025
Share Share Reverse Other Foreign Accumulated Total
capital premium acquisition reserves currency Losses equity
reserve reserve
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance at 1 January 2024 16,494 49,319 (35,246) 2,103 118 (27,481) 5,307
Loss for the period - - - - - (1,520)) (1,520)
Other comprehensive loss - - - - (179) - (179)
Total comprehensive profit (loss) for the period attributable to equity - - - - (179) (1,520) (1,699)
holders of the parent
Warrants - - - 64 - - 64
Share-based payment - - - 401 - - 401
Recycling of share-based payment reserve - - - (46) - 46 -
Total transactions with owners - - - 419 - 46 465
Balance at 30 June 2025 16,494 49,319 (35,246) 2,522 (61) (28,955) 4,073
Share Share Reverse Other Foreign Accumulated Total
capital premium acquisition reserves currency Losses equity
reserve reserve
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance at 1 January 2024 (restated) 16,494 49,319 (35,246) 2,017 (199) (21,060) 11,325
Loss for the year - - - - - (5,143) (5,143)
Other comprehensive profit - - - - 53 - 53
Total comprehensive profit (loss) for the year attributable to equity holders - - - - 53 (5,143) (5,090)
of the parent
Warrants - - - 278 - - 278
Total transactions with owners - - - 278 - - 278
Balance at 30 June 2024 (restated) 16,494 49,319 (35,246) 2,295 (146) (26,203) 6,513
Balance at 30 June 2024 as originally reported 16,494 49,319 (35,246) 2,295 (146) (13,726) 18,990
Share Share Reverse Other Foreign Accumulated Total
capital premium acquisition reserves currency Losses equity
reserve reserve
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance at 1 January 2024 (restated) 16,494 49,319 (35,246) 2,017 (199) (21,060) 11,325
Loss for the year - - - - - (8,183) (8,183)
Other comprehensive profit - - - - 317 - 317
Total comprehensive profit (loss) for the year attributable to equity holders - - - - 317 (8,183) (7,866)
of the parent
Warrants - - - 228 - - 228
Share-based payment - - - 1,620 - - 1,620
Recycling of share-based payment reserve - - - (1,762) - 1,762 -
Total transactions with owners - - - 86 - 1,762 1,848
Balance at 31 December 2024 16,494 49,319 (35,246) 2,103 118 (27,481) 5,307
SELECTED NOTES TO THE FINANCIAL INFORMATION
For the six months ended 30 June 2025
1. Basis of preparation
The condensed consolidated interim financial statements of eEnergy Group
plc (the "Group") for the six month period ended 30 June 2025 have been
prepared in accordance with Accounting Standard IAS 34 Interim Financial
Reporting.
The interim report does not include all the notes of the type normally
included in an annual financial report. Accordingly, this report is to be read
in conjunction with the annual report for the 12 months period ended 31
December 2024, which was prepared under UK adopted international accounting
standards (IFRS), and any public announcements made by eEnergy Group
plc during the interim reporting period and since.
These condensed consolidated interim financial statements do not constitute
statutory accounts as defined in Section 434 of the Companies Act 2006. The
Group's statutory financial statements for the 12 months ended 31 December
2024 have been prepared under IFRS and have been filed with the Registrar of
Companies. The auditor's report on those financial statements included a
disclaimer of opinion. The Interim Results for the six months ended 30 June
2025 should therefore be read in conjunction with the Final Results for
FY2024. As there is no requirement to do so, these condensed consolidated
interim financial statements have not been audited or reviewed by the
auditors.
Basis of preparation - going concern
The interim financial statements have been prepared under the going concern
basis.
At 30 June 2025, the Group had cash of circa £3.1m (31 December
2024: £2.3m).
The Directors have a reasonable expectation that the company and Group have
sufficient resources to continue to operate for the foreseeable future.
In assessing whether the going concern assumption is appropriate, the
Directors have taken into account all relevant information about the current
and future position of the Group and Company, including the current level of
resources and the ability to trade within its available facilities.
Taking these matters into consideration, the Directors consider that the
continued adoption of the going concern basis is appropriate. The interim
financial statements do not reflect any adjustments that would be required if
they were to be prepared other than on a going concern basis.
Accounting policies
The accounting policies adopted are consistent with those of the previous
financial period and corresponding interim reporting period.
The financial statements have been prepared in accordance with UK adopted
international financial reporting standards ('UK IFRS') and with the
requirements of the Companies Act 2006.
2. Segmental reporting
The following information is given about the Group's reportable segments:
The Chief Operating Decision Maker is the Board of Directors. The Board
reviews the Group's internal reporting in order to assess performance of the
Group and has determined that in the six month period ended 30 June 2025 the
Group had two operating segments, being Energy Services and Central costs.
Energy Services and the Group's Central costs in aggregate, form the
continuing operations of the Group.
H12025 Energy Central H12025
Services costs
£'000 £'000 £'000
Revenue - UK 9,971 - 9,971
Revenue - Ireland 94 - 94
Revenue - Total 10,065 - 10,065
Cost of sales (5,882) - (5,882)
Gross profit 4,183 - 4,183
Adjusted administrative expenses and distribution costs (i) (2,738) (937) (3,675)
Adjusted EBITDA 1,445 (937) 508
Depreciation and amortisation (104) (170) (274)
Finance and similar net (charges) ongoing business (ii) (808) (86) (894)
Finance (charge) arising on Redaptive's purchase of NatWest debt (789) - (789)
Profit (loss) before adjusting items and tax (256) (1,193) (1,449)
Adjusting items (iii) - (401) (401)
Loss before tax (256) (1,594) (1,850)
Income tax 330 - 330
Profit (loss) after Adjusting items and tax 74 (1,594) (1,520)
Net assets
Assets 21,355 6,236 27,591
Liabilities (22,089) (1,429) (23,518)
Net assets (liabilities) (734) 4,807 4,073
i Adjusted administrative expenses and distribution costs are
stated before depreciation, amortisation and adjusting items.
ii Finance and similar net (charges) ongoing business of £0.9m includes
cash cost of interest on borrowings £0.3m, cash costs unwind of financial
liabilities £0.3m, loss on foreign exchange £0.2m (non-cash) and £0.1m
(non-cash) charge in respect of warrants in issue.
iii Adjusting items are analysed further in note 4.
On 9 February 2024, the Group sold the Energy Management division which is
treated as a discontinued operation. The results and net asset position for
Energy Management are shown separately in the H12024 and FY2024 comparatives
below:
H12024 Energy Central Energy H12024
Services costs Management
£'000 £'000 £'000 £'000
Revenue - UK 5,768 - 1,239 7,007
Revenue - Ireland 252 - - 252
Revenue - Total 6,020 - 1,239 7,259
Cost of sales (4,864) - (282) (5,146)
Gross profit 1,156 - 957 2,113
Adjusted administrative expenses and distribution costs i (2,260) (944) (1,154) (4,358)
Adjusted EBITDA (1,104) (944) (197) (2,245)
Depreciation and amortisation (58) (187) - (245)
Net finance and similar charges ongoing business ii (5) (340) - (345)
Profit (loss) before adjusting items and tax (1,167) (1,471) (197) (2,835)
Adjusting items (iii) (1,401) (894) - (2,295)
Loss before tax (2,568) (2,365) (197) (5,130)
Income tax (charge) / credit (13) (194) 194 (13)
Profit (loss) after Adjusting items and tax (2,581) (2,559) (3) (5,143)
Net assets
Assets 15,117 14,592 - 29,709
Liabilities (9,972) (747) - (10,719)
Net assets (iv) 5,145 13,845 - 18,990
i Adjusted administrative expenses and distribution costs are stated
before depreciation and amortisation and adjusting items.
ii Finance and similar net (charges) ongoing business of £0.3m
includes cash cost of interest on borrowings £0.3m. It should be noted that
we have not restated the H12024 net finance and similar charges to reflect the
impact of the accounting changes outlined in the FY2024 Final Results, where
special purpose vehicle interest income and expense is presented gross
(previously it was presented on a net basis).
iii Adjusting items are analysed further in note 4.
iv The balance sheet as at 30 June 2024 is shown as originally presented
in the H12024 Unaudited Interim Results. As such, the H12024 comparatives do
not reflect the prior period adjustments booked in H22024 as outlined in the
FY2024 Final Results. This means that the Total Equity of £19.0m shown above
as at 30 June 2024, is overstated by £12.5m. Post adjustment, Total Equity as
at 30 June 2024 is reduced to £6.5m.
FY2024 Energy Central Energy FY2024
Services costs Management
£'000 £'000 £'000 £'000
Revenue - UK 24,310 - 1,239 25,549
Revenue - Ireland 747 - - 747
Revenue - Total 25,057 - 1,239 26,296
Cost of sales (16,374) - (280) (16,654)
Gross profit 8,683 - 959 9,642
Adjusted administrative expenses and distribution costs i (5,551) (2,571) (951) (9,073)
Adjusted EBITDA 3,132 (2,571) 8 569
Depreciation and amortisation (112) (300) (40) (452)
Net finance and similar charges ongoing business ii (1,417) (643) - (2,060)
Profit (loss) before adjusting items and tax 1,603 (3,514) (32) (1,943)
Adjusting items (ii) 5,339 (12,930) - (7,591)
Profit (loss) before tax 6,942 (16,444) (32) (9,534)
Income tax credit (charge) 1,644 - (293) 1,351
Profit (loss) after adjusting items and tax 8,586 (16,444) (325) (8,183)
Net assets
Assets 22,286 7,252 - 29,538
Liabilities (23,094) (1,137) - (24,231)
Net (liabilities) assets (808) 6,115 - 5,307
i Adjusted administrative expenses and distribution costs are stated
before depreciation and amortisation and adjusting items.
ii Finance and similar net (charges) ongoing business of £2.1m
includes cash cost of interest on borrowings £0.4m cash cost for the unwind
of financial liabilities £0.6m, foreign exchange loss £0.8m (non-cash),
IFRS16 cash interest charge £0.1m, £0.2m (non-cash) charge in respect of
warrants.
iii Adjusting items are analysed further in note 4.
Reconciliation of movement in net cash (debt)
At 1 January New Interest added Debt Other Other At 30
2025 Borrowing to debt Repaid Cashflows Adjustments June 2025
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Cash at bank 2,317 2,341 - (6,697) 5,171 - 3,132
Borrowings (4,033) (2,341) (295) 6,462 - 63 (144)
Net cash (debt) excluding lease liabilities (1,716) - (295) (235) 5,171 63 2,988
Lease liabilities (690) (612) (59) 235 - - (1,126)
Net cash (debt) (2,406) (612) (354) - 5,171 63 1,862
At 1 January New Interest added Debt Other
2024 Borrowing to debt Repaid Cashflows Other At
Restated Adjustments 30 June
£'000 £'000 £'000 £'000 £'000 2024
£'000 £'000
Cash at bank 597 - - (9,064) 14,456 - 5,989
Borrowings (8,030) - (12) 8,012 - - (30)
Net cash (debt) excluding lease liabilities (7,433) - (12) (1,052) 14,456 - 5,959
Lease liabilities (573) (155) (55) 189 - 17 (577)
Net cash (debt) (8,006) (155) (67) (863) 14,456 17 5,382
At 1 January New Interest added Debt Other Other At
2024 Borrowing to debt Repaid Cashflows Adjustments 31 December
Restated 2024
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Cash at bank 597 4,603 - (9,064) 6,181 - 2,317
Borrowings (8,030) (4,603) (107) 8,707 - - (4,033)
Net cash (debt) excluding lease liabilities (7,433) - (107) (357) 6,181 - (1,716)
Lease liabilities (573) (412) (94) 357 - 32 (690)
Net cash (debt) (8,006) (412) (201) - 6,181 32 (2,406)
3. Adjusting Items - Non-GAAP Measure
The business is managed and measured on a day-to-day basis using underlying
results ("Adjusted EBITDA"), a non-GAAP measure. This is an important metric
within the business that the Board uses to monitor performance and guide
strategic business decisions. The metric captures the Group's view of
underlying trading performance. Further details of the categories considered
as adjusting items are detailed in the table below. Management applies
judgement in determining which items should be excluded from Adjusted EBITDA.
The considerations factored into this judgement include, but are not limited
to:
· nature of the item;
· significance of the item on the financial results; and
· management's expectation on the recurring or non-recurring nature
of the item.
These are items which are material in nature and include, but are not limited
to, changes in the initial recognition of contingent consideration,
integration and restructuring costs, acquisition and disposal related costs,
loss on disposal of the Energy Management Division and share-based payment
expense.
6 months to 6 months to 12 months to
30 June 30 June 31 December
2025 2024 2024
£'000 £'000 £'000
Integration & restructuring costs - 2,017 2,049
Loss on disposal of Energy Management Division - - 3,922
Share-based payment charge 401 278 1,620
Adjusting items 401 2,295 7,591
Restructuring costs in H12025 were relatively low at circa £0.2m and as such,
the Board has decided to report these costs within operating costs as part of
continuing operations rather than keep pushing costs "below the line" as
exceptional.
Included in the £2.0m integration and restructuring costs for H12024 is
£135,000 in respect of strategic investment costs which was separately
presented in the H12024 interim results.
4. Earnings per share
The calculation of the basic and diluted earnings per share are calculated by
dividing the loss for the period by the weighted average number of ordinary
shares in issue during the period.
Earnings per share continuing operations 6 months to 6 months to 12 months to
30 June 30 June 31 December
2025 2024 2024
£'000 £'000 £'000
Loss for the period from continuing operations (1,520) (5,140) (7,858)
Weighted number of ordinary shares in issue 387,224,625 387,224,625 387,224,625
Basic earnings per share from continuing operations - pence (0.39) (1.33) (2.03)
Weighted number of dilutive instruments in issue - - -
Weighted number of ordinary shares and dilutive instruments in issue 387,224,625 387,224,625 387,224,625
Diluted earnings per share from continuing operations - pence (0.39) (1.33) (2.03)
Share options and warrants could potentially dilute basic earnings per share
in the future but were not included in the calculation of diluted earnings per
share in the current or prior periods as they are anti-dilutive.
5. Intangible assets
The intangible assets primarily relate to the goodwill and separately
identifiable intangible assets arising on the Group's acquisitions. The Group
evaluates the intangible asset for indications of impairment at each reporting
period end in line with the Group's accounting policies.
Goodwill Software Total
£'000 £'000 £'000
Cost
At 1 January 2025 3,010 502 3,512
Additions in period - 159 159
At 30 June 2025 3,010 661 3,671
Amortisation
At 1 January 2025 - (69) (69)
Amortisation for the period - (13) (13)
At 30 June 2025 - (82) (82)
Net book value
At 1 January 2025 3,010 433 3,443
At 30 June 2025 3,010 579 3,589
Goodwill Software Total
£'000 £'000 £'000
Cost
At 1 January 2024 3,010 496 3,506
Adjustment to held for sale balances - 187 187
At 30 June 2024 3,010 683 3,693
Amortisation
At 1 January 2024 - (41) (41)
Amortisation for the period - (66) (66)
At 30 June 2024 - (107) (107)
Net book value
At 1 January 2024 3,010 455 3,465
At 30 June 2024 3,010 576 3,586
Goodwill Software Total
£'000 £'000 £'000
Cost
Opening balance 1 January 2024 3,010 496 3,506
Additions in the year - 18 18
Loss on foreign exchange - (12) (12)
At 31 December 2024 3,010 502 3,512
Amortisation
Opening balance 1 January 2024 - (41) (41)
Charge for the year - (28) (28)
At 31 December 2024 - (69) (69)
3,010 455 3,465
Net book value
1 January 2024
31 December 2024 3,010 433 3,465
7 Related party transactions
Key management personnel are considered to be the Board of Directors. The
amount payable to the Board of Directors for the six month period ended 30
June 2025 was £0.4m (H12024: £1.0m which included circa £0.5m of bonuses
following the sale of the EMD).
On 13 November 2023, Luceco plc acquired a 9.0% interest in eEnergy Group plc.
On 9 February 2024, John Hornby, Director of Luceco plc was appointed to the
Board of Directors of eEnergy Group plc. During H12025, eEnergy acquired
£1.0m (H12024: £1.0m; FY2024: £2.0m) of goods and services from Luceco plc
(and its wider group of subsidiaries). At the 30 June 2025, the trade creditor
balance with Luceco plc group was £0.4m (30 June 2024: £0.5m).
-ends-
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. END IR DFLFLEDLBBBLRecent news on Eenergy
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