Energy levels rising with half year profits at Fylde firm

Janet Thornton at Inspired Energy in Kirkham.
Janet Thornton at Inspired Energy in Kirkham.
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Confidence is is high at Fylde coast energy specialists Inspired Energy Solutions after half year figures showed record profits and order book sales.

The Kirkham-based company, set up by chief executive Janet Thornton in 2000, posted pre-tax profits of £1.8m, up 50 per cent, while revenues rocketed 32 per cent to £6.5m for the six months ending June 30.

The business, which manages energy needs for more than 6,700 clients nationwide, reported a record six months of corporate order book sales of £5.5m, up 15 per cent on the same six months a year earlier.

The company continued its expansion last month when it bought Wholesale Power UK, based on the Whitehills Business Park, to enhance its offer to its core corporate sector customers.

Inspired paid an initial consideration of £2m in cash and shares, with a deferred consideration of £750,000.

Janet Thornton said: “We keep saying we have just had our best ever month, but it’s true and happens every time and that is entirely down to our systems and our talented team.

“The purchase of Wholesale Power UK is exciting as it gives us access to new areas and customers and allows us to move into new fields with their engineers and new skill sets.

“The group continues to deliver strong organic growth and the acquisition of Wholesale Power UK further underpins the corporate division’s position as a market leader.

“Following the acquisition, the Corporate Order Book exceeds £20m, which provides great visibility of earnings going forward and allows us to look forward with confidence.

“The strong cash generation of the Group in the first half of 2015 is particularly pleasing as it demonstrates both the continuing cash generative nature of the corporate business model and also that the increase in cash generation of the SME division has been delivered as forecast following the investment made by the Group in 2014.”

She said the firm’s cash conversion ratio of 78 per cent for the period compared to 45 per cent last time, highlighting the strong cash generation throughout the Group, including the maturing SME division.

She added that the company would be looking to consolidate its services further.

An interim dividend of 0.1p was declared – an increase of 43 per cent.