TIDMINSE
RNS Number : 1730O
Inspired PLC
30 January 2023
30 January 2023
Inspired PLC
("Inspired" or the "Group")
Full year trading update and notice of results
Strong full year trading performance, an improved cash position
and confident outlook
Inspired (AIM: INSE), a leading technology enabled service
provider supporting businesses in their drive to net zero,
controlling energy costs and managing their response to climate
change, announces a trading update for the financial year ended 31
December 2022.
Strong Group trading performance
Positive momentum in the second half enabled the Group to
deliver a strong overall trading performance for FY22, whilst also
making clear strategic progress and navigating unprecedented
volatility in the UK energy markets. Driven by strong demand within
Optimisation Services, Group revenue is expected to be 10% ahead of
market expectations at c.GBP88.0m. Combined with a solid H2
performance in Assurance, and further increased traction across the
ESG division, Group adjusted EBITDA is expected to be in line with
market expectations, and net debt reduced through the second half
in line with expectations.
-- Group revenue is expected to be c.30% ahead of FY21, at
c.GBP88.0m, reflecting the higher than expected growth
in Optimisation Services
-- Group adjusted EBITDA* is expected to be 6% ahead of the
prior year at c.GBP21.0m, with Group EBITDA margins reflecting
the increased contribution of Optimisation Services to
Group revenues
-- Underlying cash generated from operations increasing by
over 125% on FY21 to c.GBP18.0m, driven by strong working
capital management within the Energy Optimisation division
-- Year-end net debt expected to be c.GBP37.0m (H1 2022: GBP42.9m)
-- The need for energy efficiency initiatives continued to
drive strong demand for the Energy Optimisation services
as businesses focus on reducing their costs and the Net
Zero Carbon agenda
-- Inspired ESG revenue is expected to be c175% ahead of FY21
and in line with uplifted expectations post the Group's
interim results, as the service offering continues to gain
traction
-- Corporate Order Book stood at GBP69.0 million at the year-end
(2021: GBP67.5 million)
* Adjusted EBITDA is earnings before interest, taxation,
depreciation and amortisation, excluding exceptional non-recurring
items and share-based payments.
Operational highlights
The Group continued to deliver across all three business
divisions, which are underpinned by long term structural growth
drivers:
Energy Assurance Services - As outlined in the interim results,
the Group anticipated more volatility in Assurance as a result of
the unprecedented conditions in UK energy markets and whilst
customer churn has increased, as expected, it has resulted in a
record year for new business. Energy Assurance Services delivered
revenues in line with expectations, with increased overheads to
deliver our service as a result of the unprecedented market
conditions leading to a modest reduction in margin in the
period.
Energy Optimisation Services - The ongoing energy crisis has
significantly sharpened clients' focus on the economics of
investment in energy reductions, combined with the drive for
delivering net zero, and this has translated into a significant
step up in demand and activity for the Optimisation Division during
H2.
Inspired ESG and Software - Both divisions performed in line
with management expectations, with the Board's confidence in ESG
reflected in an uplift in expectations post the Group's interim
results, that the team has successfully executed, with a growing
pipeline of opportunities for the year ahead.
Current trading and positive outlook
While conscious of the challenging wider economic backdrop, the
Group's strong performance in FY22 and, in particular, the momentum
experienced across Inspired's Energy Optimisation Services and ESG
divisions, provides the Board with confidence in the outlook for
the new financial year, as well as in the Group's ability to
achieve its longer term financial and strategic goals.
The global energy crisis has highlighted energy as a high
priority board level topic. The Group continues to proactively
respond to this, working tirelessly to support clients in managing
energy prices as well as reducing their energy consumption and
carbon emissions during these unprecedented times. Whilst market
conditions are difficult to predict at this point, the need for the
Group's services have never been more apparent and its divisions
are well aligned to meet the market demands and customer
requirements.
Commenting on period, Mark Dickinson, CEO of Inspired, said: "
In what has been the most challenging year ever seen in the energy
markets, I am delighted with the Group's excellent operational and
financial performance, exceeding expectations in revenue growth and
delivering EBITDA and net debt in line with market expectations,
with strong cash generation in H2 2022.
"With a sales pipeline that is at record levels, and a notable
acceleration in Optimisation and strong growth in our ESG practice
we are increasingly demonstrating that we are the market leading
solution at a market leading price point, and therefore we are
confident of future success."
Notice of Results
Inspired expects to announce its audited full year results to 31
December 2022 on 29 March 2023.
Enquiries please contact:
Inspired PLC www.inspiredplc.co.uk
Mark Dickinson (Chief Executive Officer) +44 (0) 1772 689250
Paul Connor (Chief Financial Officer)
David Cockshott (Chief Commercial Officer)
Shore Capital (Nominated Adviser and
Joint Broker)
Patrick Castle
James Thomas +44 (0) 20 7408 4090
Peel Hunt LLP (Joint Broker)
Mike Bell
Ed Allsopp +44 (0) 20 7418 8900
Alma PR +44 (0) 20 3405 0205
Justine James +44 (0) 7525 324431
Hannah Campbell inspired@almapr.co.uk
Will Ellis Hancock
Notes to editors
Inspired PLC is a leading technology enabled service provider of
energy advisory and sustainability services, supporting businesses
in their drive to net zero, controlling energy costs and managing
their response to climate change.
Founded in 2000, Inspired operates three divisions: Energy
Solutions (Assurance and Optimisation), Software Solutions and ESG
Solutions, providing expert energy advisory and sustainability
services to over 3,400 businesses in the UK and Ireland who
typically spend more than GBP100,000 on energy and water per
year.
Inspired has been recognised with the London Stock Exchange's
Green Economy market since 2020 for its environmental and strategic
advice, service, and support to customers and is also ranked as the
UK's leading advisor by the independent energy market intelligence
consultancy, Cornwall Insight.
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END
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