Inspiring results for Fylde energy firm

Fylde coast based energy specialist Inspired Energy has boosted profits and turnover thanks to acquisitions.

Tuesday, 22nd August 2017, 10:32 am
Updated Monday, 11th September 2017, 12:02 pm
Janet Thornton of Inspired Energy

The Kirkham headquartered group posted half year profits of £2.18m up 13 per cent from £1.93m for the six months ending June 30.

And turnover was up 20 per cent to £12.4m compared to the same period the year before.

During the period the group, headed by chief executive Janet Thronton, completed the acquisitions of FEML and Churchcom, with both businesses “performing well and in line with expectations.”

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And at the end of June it finalised the deal to buy Horizon Energy Group, a corporate energy procurement consultant based in Ireland.

Adjusted EBITDA rose by 26 per cent to £4.7m and its interim dividend per share was 0.16p.

Janet Thornton, CEO of Inspired, said: “I am delighted to report on a fantastic period of growth for the Group: financially, operationally and strategically.

“The work undertaken over the last 18 months, which culminated in the three Corporate acquisitions completed in the first half, the debt refinancing and the £9.0m placing, has provided an excellent platform for the business to continue its organic growth complemented by these significant further acquisitions.

“Inspired has delivered another period of strong growth on all fronts and the record results and performance once again demonstrate the commitment, drive and expertise of the whole team, which has now grown to 270 staff across the UK and Ireland.

“The announcement of the strategic acquisition of Horizon after the period end will provide a platform to leverage the capabilities of the Group with the aim of becoming a market-leader in Ireland, and the net contribution from this and the two acquisitions in H1 enable us to look ahead into FY 2018 with even greater confidence.

“As demonstrated by the half year results and our key performance metrics including the Corporate Order Book, which continues to grow significantly both organically and through acquisitions, the Group is in an extremely strong position to continue to deliver a robust performance throughout the remainder of 2017 and beyond.

On behalf of the Board, I would like to thank all of the Inspired team for the hard work over the past six months, as we look forward to completing another exciting year of growth and development of the business.”