REG - Eneraqua Technolgs. - Contract wins & order book update

Eneraqua TechnologiesAnnouncement

24/10/2022 07:00

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RNS Number : 7888D  Eneraqua Technologies PLC  24 October 2022

24 October 2022

 

Eneraqua Technologies plc

("Eneraqua", the "Company" or the "Group")

 

Contract Wins and Order Book Update

 

Eneraqua Technologies plc, a specialist provider of energy and water
efficiency solutions, is pleased to announce the award of a contract to
deliver ground source heat pump systems for a new UK social housing client, to
be phased over up to three years.

 

This new contract win, together with other smaller very recent awards across
the Group, have an aggregate total contract value of up to £35m. These new
wins increase the Company's Order Book(1), taking cover for its FYJan24
revenue target to 85% (from prior 72%). The Order Book continues to provide
full revenue cover for the FYJan23 revenue target.

 

Mitesh Dhanak, CEO of Eneraqua Technologies commented:

"We are pleased to announce these new contracts, with both new and existing
clients. It is clear that the underlying drivers of our end markets are
accelerating; there is a clear demand for our products and services and we are
confident in the growth prospects of our Group.

 

"We are delighted that coverage for our revenue target for the next financial
year is already 85% covered, which the Board believes highlights the
confidence in the Group's earnings outlook."

 

 

(1) 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 (http://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 / Rachel Hayes

 Alma PR - Financial PR and IR                         +44(0)20 3405 0205
 Justine James / Sam Modlin / Will Ellis Hancock       eneraqua@almapr.co.uk (mailto:eneraqua@almapr.co.uk)

 

Notes to editors

 

Eneraqua Technologies (AIM:ETP) is a specialist in energy and water
efficiency. The Group designs and delivers improved energy and water systems
which utilise its wholly owned intellectual property, Control Flow HL2024.
Energy was the first market the Company entered and this is the larger sector,
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.

 

Water is a growing service offering focused on water efficiency upgrades for
utilities and commercial clients including hotels and care homes.  It has
also expanded into agritech systems.

 

The activities in both areas 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 in London with additional offices in Leeds, Washington
(Sunderland), India, Spain and the Netherlands. The Company has 144 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
(http://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.

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