Inspired Energy swoops as profits rise

Lancashire-headquartered energy procurement consultant Inspired Energy has announced record final results and two new acquisitions in its drive for further growth.

The Kirkham-based AIM listed business saw its revenues rise to £27.46m in 2017, up 28 per cent on the previous year.

Adjusted pre-tax profits also rose by 38 per cent to £9.7m. The group’s EBITDA increased by 33 per cent to £11m. And record revenues were delivered by Inspired’s Corporate Division - growing 32 per cent to £21.5m.

The business also revealed it has bought SystemsLink, a Bedford-based supplier of software that enables customers to monitor and manage their utilities consumption, in a £3.87m deal.

In the second deal announced today Inspired has also acquired Kirkham-based water and energy management services firm ECM.

An initial cash payment of £500,000 could be followed by further payments of up to £1m in cash and the issue of up to £500,000 in Inspire Energy shares.

 

They are the latest in a number of acquisitions made by Inspired over the past 12 months as it looked to increase its geographical presence and broaden its customer base.

Mark Dickinson, who became chief executive of Inspired Energy in October, said: “I am delighted to report on a very strong period of growth for the group across all key areas: financially, operationally and strategically, which is a testament to the value of our customer proposition and the talent and dedication of our staff.

“In 2017, the group completed three value-enhancing acquisitions within our core Corporate Division, a debt refinancing and a £9m equity placing, providing an excellent platform for the business to continue to deliver on our stated growth strategy.

“I am pleased to report the integration of all three acquisitions concluded in 2017 is progressing well and they are each performing in line with expectations.

“Inspired Energy had an excellent 2017 and I am confident that 2018 will be another year of significant progress for the group, with strong trading in the current year to date.”

Commenting on the latest acquisitions he said: “These acquisitions broaden our customer base and further enhance our sector specialisms and service offering. “We look forward to working closely with the highly experienced and knowledgeable teams of both businesses and welcoming them into our core Corporate Division as we continue to advance our position as a market leader.”