Harvey Sinclair of eEnergy: Final results showed growth of 62% last year & record order book this year
Episode 1046, Nov 28, 2022, 07:12 AM
Harvey Sinclair, CEO of eEnergy #EAAS discusses their final results for 2022, which showed topline growth of 62% to £22m, with contracts being 44% bigger & 27% longer. Harvey also looks forward with confidence due to their record order book of £25m.
Financial highlights
· Revenue up 63% to £22.1 million (2021: £13.6 million)
Adjusted EBITDA up 264% to £3.0 million (2021: £0.8 million)
· Profit before tax and exceptional items (2) of £1.6 million (2021: profit of £0.1 million)
· Contracted future revenues increased 384% to £25.3 million (2021: £5.2 million)
· Energy Management revenues 20% higher than pre-acquisition revenues of Utility Team and Beond combined
· A year of significant investment in launching the integrated eEnergy proposition
· Today, separately announced a £2.5 million capital raise through a new sub-ordinated debt facility from Hawk Investment Holdings, an existing shareholder of eEnergy, FFIH, a new strategic investor, and all Directors of the company in order to strengthen the Group's balance sheet to address a tightened liquidity position and to support growth of the business and continued investment in eEnergy's market leading platform
Operational achievements
· Margins maintained or improved across Energy Management and Energy Services divisions
· The launch of a single, clear and integrated proposition, under the eEnergy brand
· Established robust cross-sell proposition and process
· Acquisition of UtilityTeam completed in September 2021 and integrated into a single Energy Management business during the year
· Increased ownership stake in measurement platform MY ZeERO from 51% to 85.5%
· Delivered commercial launch of MY ZeERO with 898 smart meters ordered for a total contract value of £1.1 million with 559 installed as at 30 June 2022
· Launched new services eCharge and eSolar, both of which have delivered strong organic growth
· Strengthening of the leadership team of both Energy Management and Energy Services
· Extension of the project funding facility with SUSI Partners
To read eEnergy's Final Results click here
Financial highlights
· Revenue up 63% to £22.1 million (2021: £13.6 million)
Adjusted EBITDA up 264% to £3.0 million (2021: £0.8 million)
· Profit before tax and exceptional items (2) of £1.6 million (2021: profit of £0.1 million)
· Contracted future revenues increased 384% to £25.3 million (2021: £5.2 million)
· Energy Management revenues 20% higher than pre-acquisition revenues of Utility Team and Beond combined
· A year of significant investment in launching the integrated eEnergy proposition
· Today, separately announced a £2.5 million capital raise through a new sub-ordinated debt facility from Hawk Investment Holdings, an existing shareholder of eEnergy, FFIH, a new strategic investor, and all Directors of the company in order to strengthen the Group's balance sheet to address a tightened liquidity position and to support growth of the business and continued investment in eEnergy's market leading platform
Operational achievements
· Margins maintained or improved across Energy Management and Energy Services divisions
· The launch of a single, clear and integrated proposition, under the eEnergy brand
· Established robust cross-sell proposition and process
· Acquisition of UtilityTeam completed in September 2021 and integrated into a single Energy Management business during the year
· Increased ownership stake in measurement platform MY ZeERO from 51% to 85.5%
· Delivered commercial launch of MY ZeERO with 898 smart meters ordered for a total contract value of £1.1 million with 559 installed as at 30 June 2022
· Launched new services eCharge and eSolar, both of which have delivered strong organic growth
· Strengthening of the leadership team of both Energy Management and Energy Services
· Extension of the project funding facility with SUSI Partners
To read eEnergy's Final Results click here