A Lancashire energy consultancy has reported a “strong” start to its year in its latest update to the London Stock Exchange.
Inspired Energy from Kirkham has said it has seen half year profits rise by 55 per cent to £3.23m, while revenue rose 33 per cent to £21.56m.
The company also said its corporate order book for the six months ending June 30 had seen a 38 per cent rise from £40.10m in 2018 to £55.40m.
The group said its Corporate Division, had delivered record revenues in the period, growing 36 per cent to £18.68m and making up 87 per cent of the group’s total revenue.
It said the Corporate Order Book rise was due to “strong customer retention and robust performance from significant new customer wins”.
Mark Dickinson, CEO of Inspired Energy, said: “Concluding 2018 with the Inprova acquisition was a significant strategic milestone for the Group. 2019 has continued at pace with the acceleration of our next growth phase, further complementary and value-enhancing acquisitions completed in parallel with sustained organic growth.”
“The Group is well placed to deliver another set of record results as we continue to benefit from further organic growth and the net contribution of recent acquisitions.
“On behalf of the Board, I would like to thank all of the Inspired team for their continued hard work and commitment over the past six months.”
The company has continued on the acquisition trail and following the half year period Inspired Energy bought an initial 40 per cent of the issued share capital of Ignite Energy on August 2 with an exclusive option, until July 31, 2021, to acquire the balancing interest of 60 per cent under an option agreement.
The Board believes the £5m strategic investment will accelerate the Group’s ability to deliver on its stated strategy to grow its market share within the third-party intermediary optimisation services market.Th
e previous year Inspired bought SystemsLink 2000 Ltd and Energy Cost Management Ltd.