Inspired posts 'rebound' profits increase

AIM-listed energy advisor Inspired has enjoyed a rebound first half the year, posting 20 per cent organic growth over the same period in 2020.

While the first six months of 2020 saw a 5 per cent contraction in revenues, down to £24.9m, revenues in the first half of 2021 increased by 31 per cent, up to £32.6m.

Industrial and commercial energy consumption levels in over the period were in line with expectations, being 13 per cent below 2019 levels in Q1 and 9% per cent below in Q2, with more optimistic second-half consumption to date reflecting the continuing economic recovery from the pandemic.

Group adjusted EBITDA increased 15 per cent, to £8.8m and the order book as at 30 June 2021 increased 12 per cent to £69m.

The recently launched environmental, social and governance (ESG) division gained traction among businesses working towards their Net Zero Carbon targets as mandatory requirements for businesses to make ESG disclosures will be enforced from 2022.

To reflect this shift in focus, the company changed its name from Inspired Energy. During the period, Richard Logan was appointed non-executive chairman, and Sangita Shah and Dianne Walker were appointed to the board as independent non-executive directors post period end.

Mark Dickinson, CEO of Inspired, said: "The rebound in the first half results in 2021 reflects the continuing recovery in energy consumption, along with a return to being able to access client premises to deliver energy optimisation services.

“We are pleased by the current execution of the business plans within the Software Solutions and ESG Solutions divisions, which, although at an early stage, are developing strongly and we expect further progress during 2022.

“As we have transitioned from Inspired Energy PLC to Inspired PLC, we are well positioned to evolve our purpose as we help our clients respond to Climate Change whilst controlling their costs. Our objective is to evolve into the leading provider of services to help businesses to respond to climate change and meet their net zero targets.”

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