Revenues rise at Inspired

Kirkham-based commercial energy consultancy Inspired saw a 24 per cent increase in revenue in the first half of 2022 as its customers battled the challenges of a volatile market.

The AIM listed company says the results are in line with expectations and include an 11 per cent rise in gross profit to £26.81m.

The half-year results for the six-month period ending June 30, 2022, also show a 10 per cent increase in adjusted EBITDA to £9.67m.

The group says the strategic and financial initiatives delivered in the period have ensured it is well placed to deliver its strategic growth plan, while managing the additional risks created by the volatility and uncertainty within commodity and energy markets.

Inspired remains confident in achieving its full year expectations, while mindful of the unprecedented conditions in UK energy markets which are “very challenging” for its customers.

The leading technology enabled service provider supports businesses in their drive to reduce energy consumption, deliver net-zero, control energy costs and manage their response to climate change.

Inspired chief executive Mark Dickinson said: “We are pleased to have delivered solid financial and operational progress during H1.

“The elevated volatility in the energy market has made energy procurement challenging for customers, and our staff have gone above and beyond during this time to support them.

“We have been delighted by the momentum achieved in the Optimisation and ESG divisions, as these offerings become ever more relevant to our customers in the current climate.

“Whilst the economic backdrop continues to present risks, our solid first half performance, strong market position and unique ability to support customers across a wide offering, provide us with confidence for H2 and beyond.”

The group says its order book remained consistent, with levels seen at the end of 2021, and stood at £67.5m at June 30, 2022.

Inspired anticipates that current conditions will lead to increased volatility in the energy assurance market in the short term, but this is not expected to have a material net impact on H2 performance.

And it says the over-arching necessity for energy efficiency initiatives should support continued strong demand for the value added by energy optimisation services in H2

Inspired also says the long-term opportunities in the group’s markets have been made even more apparent by the current energy crisis and the board believes its proven strategy will enable it to capitalise on these opportunities as market conditions stabilise.