Fusion Corporate Partners

Inspired Energy plc, a UK energy procurement consultant to UK corporates, has announced its final results for the 12 month period ended 31 December 2012.

Financial Highlights

• Revenue in the year to 31 December 2012 was £5.26 million (six months to 31 December 2011: £1.53 million)
• Earnings before exceptional costs, depreciation, amortisation and share-based payment costs for the period was £2.64 million (six months to 31 December 2011: £0.91 million)
• Adjusted EPS was 0.48 pence (excluding amortisation, acquisition cost, share based payments and restructuring cost) (six months ended 31 December 2011: 0.20 pence)
• Profit before tax £0.89 million (six months to 31 December 2011: £0.61 million loss)
• Order book of £8.9 million as at 31 December 2012 (£4.3 million at 31 December 2011)
• New Group bank facilities agreed with Santander UK Plc (“Santander”) – £3.5 million facility to replace existing debt on more attractive terms with an additional acquisition facility of £1.5 million for future transactions
• Maiden dividend proposed of 0.11 pence per share

Operational Highlights

• Successful integration of Direct Energy Purchasing Limited, acquired in April 2012
• Diversification of customer base into new sectors, including public sector and large scale infrastructure
• Client retention
  • Renewals across the Group at 86 per cent (by contract value)
  • Risk Management division achieved a 100 per cent retention
• Significant investment in staffing to drive revenue growth with average headcount in year increasing 69 per cent to 54 (31 December 2011: 32)
• Investment in a bespoke core IT platform to optimise sales and client servicing, in line with the Group’s strategy on admission
• Ongoing product development including launch of innovative Multi-Customer Management solution
• Client driven expansion into Europe commenced, including set up of Irish office

Commenting on the results, Bob Holt, Chairman, said: “2012 was a transformational year for the Group, which has delivered confidently on its growth strategy; completing the first acquisition, broadening the customer base, both by sector and geographically and hiring key talent. This combined with the investment in a bespoke IT platform has streamlined business processes enabling us to increase the productivity from our highly skilled and experienced team.”

Janet Thornton, Managing Director, added: “Following a strong performance in 2012 and the significant investment in the business platform I am confident of the prospects for the Group in the new financial year. We have delivered a strong set of results whilst growing the business organically, accelerated by the investment in additional expertise and through the acquisition of DEP. In 2013, I believe that the Group will begin to see significant financial and operational benefits from the investment we have made in both IT infrastructure and talent and we will be able to continue our strong growth rates as well as broadening our product base and geographic reach.”

UK, Lancashire