Six months of change for Fylde energy team

Michael Fletcher
Michael Fletcher

Fylde coast energy procurement consultants Inspired Energy has posted record revenues in its half year figures as it continues its expansion plans.

The Kirkham company, which has bought up three other firms in the energy field in 2018, said revenue had risen from £12.24m to £16.24m for the six month period ended 30 June 2018.

However pre-tax profits were slightly down in the period from £2.18m to £2.09m in the period.

The company which has seen changes at the top this year has focussed more on its corporate division rather than its SME division.

In the first half of 2018, the board took the decision to streamline the focus of the SME Division and cut its non-profit generating revenue streams, including the affiliate channel. As a result, revenue for the SME division in the six-month period was down 17 per cent at £2.5m from £3.0m).

But bosses said this meant the group’s margins had improved as it targeted corporate growth following the purchase of SystemsLink, ECM and Squareone.

Mark Dickinson, chief executive, said: “2018 has seen the acceleration of our next growth phase with three complementary and value-enhancing acquisitions completed to date while the group has continued to deliver sustained organic growth.

"We remain focused on delivering our core financial, operational and strategic objectives, whilst simultaneously broadening the service offering for our clients.”

Chairman Michael Fletcher said: “We have completed the transition of the board composition to two executive directors, supported by a non-executive chairman and three non-executive directors, with the appointment of Gordon Oliver as an independent non-executive, and Matthew Thornton stepping down as sales director and moving to non-executive director.

"The Procurement Corporate Order Book has increased to £40.1m as at August 31 (£39m in 2017), representing an increase of three per cent in the period. This remains a consistent guide to the future performance.”