REG - iEnergizer Limited - Trading Update and Conclusion of FSP

iEnergizerAnnouncement

07/09/2022 15:15

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RNS Number : 6619Y  iEnergizer Limited  07 September 2022

07 September 2022

 

iEnergizer Limited

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

 

Trading Update and Conclusion of Formal Sales Process

 

iEnergizer, the international business and process outsourcing business would
today like to inform the market on current trading and conclusion of the
formal sales process ("FSP").

 

The Company is pleased to report that current trading has been strong with Q1
performance significantly ahead of the comparative period last year.

 

·      Q1 Revenue was US$74.05m (up 30% vs Q1 2022)

·      Q1 EBITDA was US$28.55m (up 39% vs Q1 2022)

The business has seen growth across all verticals, in particular due to
current inflationary pressures which have driven multinationals to focus not
only on cost reduction but also revenue retention.  Current trading is ahead
of expectations, with improved margins, and the Board remains confident in the
future outlook for the Company and in the expected performance for the
remainder of this financial year.

 

On 13 June 2022, the Company announced a review of strategic options
available to the Company and commenced a formal sale process under the
Takeover Code. The Company subsequently engaged with a limited number of
parties but given stronger trading during the process, as alluded to
above, the Board felt that it was in the best interests of the Company
to withdraw and terminate the FSP at this time, and confirms that it is no
longer in active discussions with any interested parties.

The Board looks forward to updating the market at the interim results expected
in the middle of November 2022, where it is expected to declare a dividend
in-line with the Company's progressive dividend policy.

 

Following this announcement, the Company is no longer considered to be in an
offer period, as defined in the City Code on Takeovers and Mergers (the
"Code"), and the requirement to make disclosures under Rule 8 of the Code has
now ceased.

 

- Ends -

 

 

For further information, please call:

 

 iEnergizer                                                   c/o FTI +44 (0)20 3727 1000
 Chris de Putron
 Mark De La Rue

 Strand Hanson Limited (Nominated Adviser)                                Tel: +44 (0) 20 7409 3494
 James Dance
 James Bellman

 Arden Partners Plc (Joint Broker)                                             Tel: +44 (0) 20 7614 5900
 James Reed-Daunter
 John Llewellyn-Lloyd

 Canaccord Genuity Limited (Joint Broker)                     Tel: +44 (0) 20 7523 8000
 Max Hartley, Thomas Diehl, Gerel Bastin (Corporate Finance)
 Alex Aylen (Equity Sales)

 FTI Consulting (Communications Adviser)                                       Tel: +44 (0) 20 3727 1000
 Alex Beagley
 Eleanor Purdon

 

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of
the European Union (Withdrawal) Act 2018, as amended.

 

 

 

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