Fylde coast energy firm in double acquisition
A Fylde coast energy consultant has swooped to buy two utilities specialists in deals worth almost Â£6m.
Kirkham-based Inspired Energy has continued its acquisition programme as it announced its final financial results Final Results for the year ended 31 December 2017.
The company made a pre-tax profit of £3.55m down 12 per cent on the previous year.
However the company said pre-tax profit after adjustments for such things as exceptional costs and amortisations was £9.7m.
Revenue was £27.46m, up by 28 per cent on 2016.
Inspired has snapped up SystemsLink 2000 Ltd and Energy Cost Management Ltd.
Bedford-based SystemsLink was founded in 1996 and is a supplier of energy management software, enabling customers to monitor and manage their utilities consumption.
ECM, incorporated in 1997 by Stephen Casson, is a niche operator of water and energy management services based in Kirkham.
The ECM deal was for £0.5m, with a potential further deferred consideration of up to £1.5m. The SystemsLink deal was for £3.875m.
Mark Dickinson, chief executive of Inspired Energy said: “We are delighted to conclude the acquisitions of SystemsLink and ECM, which are highly complementary additions to Inspired’s core Corporate Division.
“These acquisitions broaden our customer base and further enhance our sector specialisms and service offering.
“We look forward to working closely with the highly experienced and knowledgeable teams of both businesses and welcoming them into our core Corporate Division as we continue to advance our position as a market leader.”
On the financial results he said the company had an “exceptional” year.
He said: “I am delighted to report on a very strong period of growth for the group across all key areas: financially, operationally and strategically, which is a testament to the value of our customer proposition and the talent and dedication of our staff.
“In 2017, the group completed three value-enhancing acquisitions within our core corporate division, a debt refinancing and a £9.0m equity placing, providing an excellent platform for the business to continue to deliver on our stated growth strategy.
“I am pleased to report the integration of all three acquisitions concluded in 2017 is progressing well.”