Harvey Sinclair, CEO of eEnergy provides highlights from their full year results and trading update

Harvey Sinclair, CEO of eEnergy #EAAS provides highlights from their full year results and trading update from 1 July to 11 September 2020.

Financial Highlights for the year ended 30 June 2020:

·    Revenue up 14% to £4.5 million (2019: £3.9 million)

·    Gross margin increased 510 bps to 35.5% (2019: 30.4%)

·    Adjusted EBITDA loss reduced to £647,000 (2019: loss of £799,000)

·    Positive operating EBITDA for each month in the fourth quarter

·    Loss before tax of £3.2 million (including reverse takeover costs of £1.3 million) (2019: loss of £1.4 million)

·   Cash at bank £1.5 million (2019: £196,000) and net debt (including IFRS 16 lease liabilities) of £528,000 (2019: £424,000).

Operational Highlights:

·    The Group successfully completed its readmission to AIM on 9 January raising £2.0 million (before expenses)

·    Number of LED lighting installations completed at schools and businesses in the UK & Ireland: 125 (2019: 109)

·    Expanded eLight operations into Northern Ireland

·    New relationships with suppliers led to efficiency gains and boosted gross margins

·    Formed partnership with Irish smart energy supplier Pinergy to create a new sales channel.

Trading Update - 1 July 2020 to 11 September 2020

·    64 installations delivered so far in Q1 with revenue of £4 million, nearly 6 times the comparable quarter of FY20 (250% organic revenue growth)

·   Significant uplift in new business wins and installation momentum, boosted by installation from contracts won before and during lockdown worth over £1 million  

·    Positive monthly operating EBITDA (before corporate overheads) has continued into Q1 making it five consecutive months

·    Completed first acquisition: Renewable Solutions Lighting Limited ("RSL"), a specialist in providing the UK education sector with fully funded LED lighting solutions

·    Secured new project funding partner SUSI Partners AG ("SUSI"). SUSI has provided a facility of up to €15 million to fund LaaS projects in Ireland, giving the Group's Irish business a significantly enhanced competitive advantage

·    The Board continues to expect to achieve breakeven profit after tax for the Group for the six months to 31 December 2020.

 

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