FY22 Trading Update

RNS Number : 2895D

Eneraqua Technologies PLC

02 March 2022

 

2 March 2022

Eneraqua Technologies plc

("Eneraqua Technologies", the "Company" or the "Group")

FY22 Trading Update

Eneraqua Technologies plc, a provider of specialist energy and water efficiency solutions, is pleased to provide an update on trading for the year ended 31 January 2022 (FY22).

The Company has continued to deliver on its growth strategy and expects to report revenues and adjusted EBITDA for FY22 in line with the Board's expectations as set at the time of IPO. Net cash is also in line with expectations.

Decarbonisation, net zero targets, energy efficiency and water efficiency regulation are having a positive impact on the Group's target markets both in the UK and internationally, and the Company continues to build its pipeline of active opportunities. The orderbook remains strong as outlined at the time of IPO.

Trading in the new financial year has started well. Major contracts previously secured will contribute, including:

· £3.6m Ground Source Heat Pump project for Leeds City Council. This programme forms part of Leeds City Council's Net Zero agenda for the decarbonisation of social housing stock and reducing fuel poverty. The Group has worked with Leeds City Council since 2020.

· £6.5m district heating renewal project with the London Borough of Camden that will start in 2022 and complete in 2023. The Group has worked with London Borough of Camden since 2020.

The Company will announce its final results for the year to 31 January 2022 in June 2022.

Mitesh Dhanak, CEO of Eneraqua Technologies commented:

"It has been a record year for Eneraqua, with the business more than doubling revenues, completing on the acquisition of the remaining share of its water control flow IP, and culminating in our AIM IPO.

"We had a strong second half to FY22 in revenues, profits and orderbook. The strength of our decarbonisation and water efficiency solutions is underlined by a number of contract wins. The underlying drivers of our end markets are accelerating, and we are confident in the growth prospects for both our Energy and Water businesses.

"I would like to thank our new shareholders for their support, and it is already evident that our IPO has opened up a much larger range of opportunities for us to accelerate our growth in the UK and overseas."

For more information, please contact:

Eneraqua Technologies plc	Via Alma PR
Mitesh Dhanak, CEO	www.eneraquatechnologies.com
Iain Richardson, CFO
finnCap Limited - Nominated adviser and Broker	[phone]
Ed Frisby / Charlie Beeson - Corporate Finance
Andrew Burdis / Sunila de Silva - ECM
Alma PR - Financial PR and IR	[phone]
Justine James / Hilary Buchanan / Sam Modlin	[e-mail]

Notes to editors

Eneraqua Technologies (AIM:ETP) is a specialist in energy and water efficiency. The Group has two divisions energy and water. Energy is the larger division, with the Company focused on clients with end of life gas, oil or electric heating and hot water systems. The Group provides turnkey retrofit district or communal heating systems based either on high-efficiency gas or ground/air source heat pump solutions that support Net Zero and decarbonisation goals.

The water division is a growing service offering focused on water efficiency upgrades for utilities and commercial clients including hotels and care homes. 

The activities in both divisions are underpinned by the Company's wholly-owned intellectual property, the Control Flow HL2024 family of products which reduce water wastage and improve the performance of heating and hot water systems.

The Company's main country of operation is the United Kingdom. The Company's head office is based in London with additional offices in Leeds, Washington (Sunderland), India, Spain and the Netherlands. The Company has 116 employees, with the majority employed within the UK. Eneraqua Technologies has received the London Stock Exchange's Green Economy Mark.

To find out more, please visit:   www.eneraquatechnologies.com  

 

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