Inspired PLC sees rebound in energy consumption

(, ) (formerly Inspired Energy) said trading in the year to date in the core Energy Assurance Services business remains in line with management’s expectations.

In its results statement covering the six months to the end of June, the group said its Energy Optimisation Services business began to recover in the second quarter after significant Coronavirus (COVID-19) disruption in the first quarter, resulting in an overall performance for the half year in line with management’s expectations.

Demand for optimisation services is continuing to recover in the second half of the year as clients’ attention turns to the reopening of premises.

The Software Solutions business and the recently launched ESG [Environmental, Social and Governance] Solutions operations continue to establish their presence in their respective markets.

The group said the increasing focus of investors and businesses on net zero carbon targets, combined with mandatory requirements for businesses to make ESG disclosures from 2022, provides a favourable backdrop to the strategy for the Inspired ESG division.

The board remains confident of achieving current market expectations for the full year, assuming no further significant COVID-19 disruption.

The first half of 2021 saw revenue rise 31% to £32.6mln from £24.9mln in the first half of 2020 with organic revenue growth of 19%.

Profit before tax held steady at £935,000 (2020: £952,000).

Net debt at the end of June fell to £30.2mln from £33.7mln a year earlier while the order book increased to £69.0mln from £61.6mln.

The interim dividend was raised to 0.12p from 0.1p.

“The rebound in the first half results in 2021 reflects the continuing recovery in energy consumption, along with a return to being able to access client premises to deliver energy optimisation services,” Mark Dickinson, chief executive, said. 

“We are pleased by the current execution of the business plans within the Software Solutions and ESG Solutions divisions, which, although at an early stage, are developing strongly and we expect further progress during 2022.

“As we have transitioned from Inspired Energy PLC to (, ), we are well-positioned to evolve our purpose as we help our clients respond to climate change whilst controlling their costs. Our objective is to evolve into the leading provider of services to help businesses to respond to climate change and meet their net-zero targets,” he added.