REG - Eneraqua Technolgs. - FY22 Trading Update

Eneraqua TechnologiesAnnouncement

02/03/2022 07:00

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RNS Number : 2895D  Eneraqua Technologies PLC  02 March 2022

2 March 2022

 

Eneraqua Technologies plc

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

 

FY22 Trading Update

 

Eneraqua Technologies plc, a provider of specialist energy and water
efficiency solutions, is pleased to provide an update on trading for the year
ended 31 January 2022 (FY22).

 

The Company has continued to deliver on its growth strategy and expects to
report revenues and adjusted EBITDA for FY22 in line with the Board's
expectations as set at the time of IPO. Net cash is also in line with
expectations.

 

Decarbonisation, net zero targets, energy efficiency and water efficiency
regulation are having a positive impact on the Group's target markets both in
the UK and internationally, and the Company continues to build its pipeline of
active opportunities. The orderbook remains strong as outlined at the time of
IPO.

 

Trading in the new financial year has started well. Major contracts previously
secured will contribute, including:

·    £3.6m Ground Source Heat Pump project for Leeds City Council. This
programme forms part of Leeds City Council's Net Zero agenda for the
decarbonisation of social housing stock and reducing fuel poverty. The Group
has worked with Leeds City Council since 2020.

·    £6.5m district heating renewal project with the London Borough of
Camden that will start in 2022 and complete in 2023. The Group has worked with
London Borough of Camden since 2020.

 

The Company will announce its final results for the year to 31 January 2022 in
June 2022.

 

Mitesh Dhanak, CEO of Eneraqua Technologies commented:

"It has been a record year for Eneraqua, with the business more than doubling
revenues, completing on the acquisition of the remaining share of its water
control flow IP, and culminating in our AIM IPO.

"We had a strong second half to FY22 in revenues, profits and orderbook. The
strength of our decarbonisation and water efficiency solutions is underlined
by a number of contract wins. The underlying drivers of our end markets are
accelerating, and we are confident in the growth prospects for both our Energy
and Water businesses.

"I would like to thank our new shareholders for their support, and it is
already evident that our IPO has opened up a much larger range of
opportunities for us to accelerate our growth in the UK and overseas."

 

 

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 Broker  +44(0)20 7220 0500
 Ed Frisby / Charlie Beeson - Corporate Finance
 Andrew Burdis / Sunila de Silva - ECM

 Alma PR - Financial PR and IR                   +44(0)20 3405 0205
 Justine James / Hilary Buchanan / Sam Modlin    eneraqua@almapr.co.uk

 

Notes to editors

 

Eneraqua Technologies (AIM:ETP) is a specialist in energy and water
efficiency. The Group has two divisions energy and water. Energy is the larger
division, 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.

 

The water division is a growing service offering focused on water efficiency
upgrades for utilities and commercial clients including hotels and care
homes.

 

The activities in both divisions 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 based in London with additional offices in Leeds, Washington
(Sunderland), India, Spain and the Netherlands. The Company has 116 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)

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