TIDMEAAS

RNS Number : 3959H

eEnergy Group PLC

27 July 2023

27 July 2023

eEnergy Group plc

("eEnergy" or "the Group")

Trading Update

eEnergy (AIM: EAAS), the net zero energy services provider, is pleased to provide an update on trading for the 12 months ended 30 June 2023 (the "Period"). As previously announced on 22 June 2023, the Group has changed its accounting reference date and financial year end from 30 June to 31 December. Accordingly, the Group will be publishing its unaudited interim accounts for the 12 months to 30 June 2023 by 30 September 2023.

Group Trading and Highlights for the Period (unaudited)

The Board is pleased to announce the Group generated revenue of GBP33.1 million and Adjusted EBITDA of GBP4.7 million.

 
      --        Revenue up 50% to GBP33.1 million (FY 2022: GBP22.0 
                 million) 
                 o Energy Services revenue GBP19.5 million, up 86%, 
                 Adj EBITDA GBP2.3 million, up 137% 
                 o Energy Management revenue GBP13.6 million, up 17%, 
                 Adj EBITDA GBP4.4 million, up 19% 
      --   Adj EBITDA(1) up 55% to GBP4.7 million (FY 2022: GBP3.0 
            million) 
      --   Adj PBT(2) up 34% to GBP2.7 million (FY 2022: GBP2.0 
            million) 
      --   PBT GBP1.1 million (FY 2022 Loss Before Tax: GBP(2.2) 
            million)

Financing costs during the Period were higher due to, inter alia, the new subordinated debt facility issued in November 2022 and the higher interest rate environment.

Business Segments

Energy Services revenues were GBP19.5 million (FY22: GBP10.5 million) delivering divisional operating profit of GBP2.3million (FY22 GBP1.0 million) with substantial growth supported by continuing strong customer demand for the Group's products and services.

Energy Management revenues were GBP13.6 million (FY22: GBP11.6 million) delivering divisional operating profit of GBP4.4 million (FY22: GBP3.7 million), achieved by high customer retention levels and strong re-occurring revenues.

Net Debt

 
      --   Cash at 30 June 2023 of GBP0.8 million (31 December 2022: 
            GBP1.1 million) excluding GBP0.5 million of restricted 
            cash balances (31 December 2022: GBP0.4 million) 
      --   Net Debt (excluding IFRS 16 lease liabilities) at 30 June 
            2023 of GBP7.0m (31 December 2022: GBP6.6m) 
      --   During the period since 1 January 2023, payments of GBP0.9 
            million relating to legacy HMRC liabilities have been 
            made, clearing all historic overdue amounts

Full Year Outlook

The Company's contracted revenue book remains strong and gives good visibility on Q5 / Q6 revenues. Contracted forward revenues ("Forward Order Book") at 30 June 2023 were GBP27.5 million (31 December 2022: GBP26.4 million), of which GBP14.1 million are expected to convert into revenues in the six months to 31 December 2023.

The Board is confident in the trading outlook for the remainder of FY23 and beyond.

eEnergy expects to report its unaudited interim accounts for the 12 months to 30 June 2023 by 30 September 2023.

Harvey Sinclair, CEO of eEnergy, commented: "I am delighted to be reporting another 12 months of strong growth for eEnergy in a period where we have strengthened our profitable position. Revenues and profits have grown significantly as a result of strong uptake of our energy services offering, further supported by strong customer retention and improved cross selling rates across our existing client base."

Note: (1) Adjusted EBITDA including GBP2.0 million of Group costs and excluding Exceptional Items. Exceptional Items are those items which, in the opinion of the Directors, should be excluded in order to provide a consistent and comparable view of the underlying performance of the Group's ongoing business, including the costs incurred in delivering the 'Buy & Build' strategy associated with acquisitions and strategic investments, costs of restructuring and transforming acquired businesses and share-based payments.

(2) Adjusted PBT excluding Exceptional Items and amortisation of acquired intangible assets.

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014, as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended.

Contacts:

 
 eEnergy Group plc                              Tel: +44 20 7078 9564 
 Harvey Sinclair, Chief Executive Officer       info@eenergyplc.com ; www.eenergyplc.com 
 Crispin Goldsmith, Chief Financial 
 Officer 
 Strand Hanson Limited (Nominated               Tel: +44 20 7409 3494 
  Adviser) 
 Richard Johnson, James Harris 
 Canaccord Genuity Limited (Joint               Tel: +44 20 7523 8000 
  Broker) 
 Max Hartley, Tom Diehl (Corporate 
  Broking) 
 Turner Pope Investments (Joint Broker)         Tel: +44 20 3657 0050 
 Andy Thacker, James Pope                       info@turnerpope.com 
 Tavistock                                      Tel: +44 207 920 3150 
 Jos Simson, Heather Armstrong, Katie           eEnergy@tavistock.co.uk 
  Hopkins

About eEnergy Group plc

eEnergy (AIM: EAAS) is a net zero energy services provider, empowering organisations to achieve net zero by tackling energy waste and transitioning to clean energy, without the need for upfront investment. It is making net zero possible and profitable for all organisations in four ways:

 
      --   Transition to the lowest cost clean energy through the 
            Group's digital procurement platform and energy management 
            services. 
      --   Tackle energy waste with granular data and insight on 
            energy use and dynamic energy management. 
      --   Reduce energy use with the right energy efficiency solutions 
            without upfront cost. 
      --   Reach net zero with onsite renewable generation and 
            electric vehicle (EV) charging.

eEnergy is a Top 5 B2B energy company and has been awarded The Green Economy Mark by London Stock Exchange.

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END

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