Pre-Close Trading Update and Full Year Outlook

RNS Number : 7762Z
eEnergy Group PLC
27 January 2022

27 January 2022

eEnergy Group plc

("eEnergy", "Company" or "the Group")


Pre-Close Trading Update and Full Year Outlook


eEnergy (AIM: EAAS), a leading Energy Efficiency-as-a-Service and Energy Management-as-a-Service business in the UK and Ireland, is pleased to provide an update on trading for the six months ended 31 December 2021.



Group Trading and Highlights

· H1 Revenues up 44% to £9.7 million

· EBITDA before exceptional items up 120% to £0.8 million

· Profit before exceptional items of £0.4 million (H1 2021: £0.1 million)

· £18.3 million of contracted forward revenues over four years, up 250% from 31 December 2020, with £5.3 million converting into revenue during H2 2022

· The Board expects to trade broadly in-line with market expectations for the full year



Energy management


Energy management revenues were £4.9 million in the Period compared to £0.2 million for the six months ended 31 December 2020.  The revenues in the Period reflect the first full interim results from Beond and the results of UtilityTeam since its acquisition in September.  Beond, which was acquired in December 2020, has significantly outperformed the Board's expectations for its first full year within the Group.  The integration of UtilityTeam is progressing well (to be completed by June 2022) and the business is performing in line with management expectations. Since the acquisition, the Group has secured or renewed a number of major energy management contracts, including one worth £2.4 million over 4 years.  The volatile energy prices through 2021 have played to the strengths of the Company's technology and consulting led energy management business and contract renewals have remained in-line with historical rates.


Energy efficiency


Energy efficiency revenues were £4.8 million in the Period, which is equivalent to the second half of the year ended 30 June 2021 and £1.8 million less than the six months ended 31 December 2020 (a period which benefited from a catch up effect in installations after the first period of lockdown). Since the beginning of the COVID pandemic the Group has seen volatility in the length of its sales cycle as well as a concentration of installations in the school holidays.  The impact of this has become less acute in the latter half of 2021 and recent success in marketing at events and conferences means the Group has already met its lead generation target for the full year and has its strongest ever pipeline of new business opportunities.  Conversion rates remain consistent with historical norms and, combined with installation network capacity and greater flexibility around installation windows from schools, means the Board expects a strong level of energy efficiency installations and revenue growth in the second half.


Full Year Outlook


The Group has a growing pipeline of opportunities for the remainder of the financial year and   has contracted forward revenues (based on expected consumption), as at 31 December 2021 ("Forward Order Book"), of £18.3 million over 5 years (up 250% from 31 December 2020). Of the Forward Order Book, £5.3 million is expected to be recognised as revenue in H2 FY22 and £6.5 million recognised in FY23.  eEnergy continues to make significant strategic progress towards its stated goal to provide a simple, end to end solution to organisations and companies wanting an economic and effective path to Net Zero emissions. As such, the Board expects to trade broadly in-line with market expectations for the current financial year.


eEnergy's growing portfolio of energy reduction solutions, complemented by the four acquisitions since Admission, has helped diversify the Group, improve its quality of earnings and generate scale. eEnergy now has the ability to offer customers a broad range of products and services and expertise in energy management, energy efficiency and intelligent measurement and analysis, cultivating a large and relevant customer base to which the Group is seeking to cross-sell by delivering its end-to-end offering.


The Company is now able to provide its clients with onsite solar generation and intend to add electric vehicle charging solutions by the end of FY22.  The structural and regulatory growth drivers that the Group is exposed to remain highly attractive and will support Management's growth ambitions over the medium term.


Harvey Sinclair, CEO, eEnergy said: "The first half has been another busy period which has seen the Group win new contracts as well as successfully integrate the acquisition of leading energy management group, UtilityTeam. We continue to expand our digital energy services to meet the growing needs of businesses and organisations on their paths to Net Zero.


"We are very encouraged by the momentum in our forward order book and the macro outlook for our growing position in the market. We have over £18 million of contracted forward revenue for the coming years, a new record which reflects our successful strategy to broaden our services and deepen our relationships with both new and existing clients."



eEnergy Group plc

Tel: +44 20 7078 9564

Harvey Sinclair, Chief Executive Officer

Ric Williams, Chief Financial Officer

Crispin Goldsmith, Chief Strategy & Commercial Officer

Singer   Capital Markets  

(Nominated Adviser and Joint Broker)

Tel: +44 20 7496 3000

Justin McKeegan, Mark Taylor, Asha Chotai (Corporate Finance)

Tom Salvesen (Corporate Broking)



Turner Pope Investments 

(Joint Broker)

Tel: +44 20 3657 0050

Andy Thacker, James Pope


Tel: +44 207 920 3150

Jos Simson, Heather Armstrong, Katie Hopkins


About eEnergy Group plc

eEnergy Group plc is an integrated energy services company, enabling organisations to transition to 'Net Zero' through "Energy-as-a-Service".  The Group offers:

· Energy Management as-a-Service; providing energy measurement, monitoring and analytics on top of core "Zero Carbon" procurement services;

· Energy Efficiency as-a-Service; zero upfront capital, energy reduction solutions through measured savings contracts including its LED businesses; and

· Enhanced customer value proposition through data gathered and analysed with its proprietary MY ZeERO platform


eEnergy was admitted to AIM in January 2020 with a strategy to use its market leading eLight "Light as-a-Service"  business as the foundation to expand eEnergy as a broader energy services company via a 'buy and build' strategy. The Group has completed four transactions since admission, building a Top 5 energy management business in the UK and acquiring proprietary smart metering and analytics capability through the investment in MY ZeERO. The Board's strategy continues to be to build a broader energy services company through acquisition with a particular focus on energy efficiency related capabilities and technologies. The market in the EU for energy efficiency services was approximately €25 billion in 2017 and is expected to double by 2025.


eEnergy has been awarded The Green Economy Mark by the London Stock Exchange, which recognises a company's work on sustainability.


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