Lancashire energy firm powers through the virus months with record £24m revenue

However a drop of 14 per cent in businesses’ energy usage during the coronavirus lockdown as firms closed offices, meant that profits were hit with its pre-tax profit at £1.42m in the first half of the year, down from £2.39m for the first sic months on 2019.

The firm’s small business division, seven percent of its work, saw revenues hit by COVID-19, at £1.91m down from £2.88m for the same six month period in 2019.

However the firm, which helps others reduce their energy bills, said it was bullish and would continue its strategy of looking for more acquisitions.

Inspired bought 60 per cent of energy firm Ignite in July this year and LSI Energy Holdings in August.

And the firm that month completed a fundraising drive of £31.3m, oversubscribed by investors to fuel more buys.

The firm added that its corporate order book now stood at £61.5m up by 10 per cent on the same period last year, thanks to “strong customer retention and robust performance from significant new customer wins”.

The results prompted Inspired to reinstate its interim dividend of 0.1p per share.

Chief executive Mark Dickinson said: “While the six month period to 30 June 2020 has presented challenging market conditions and we undoubtedly remain in a period of economic uncertainty, the Group’s strength has been affirmed in the robust trading performance and cash generation throughout the period.

“The results are testament to the hard work and dedication of the Inspired Energy team through these unprecedented times.

“Together, the funds raised in the July fundraising, and the benefits of the Ignite acquisition leave the group in a strong financial position with the ability to make further progress in its organic and inorganic growth strategies.

“The pipeline of acquisition opportunities remains strong.” and the board continues to review potential transactions.”