eEnergy H1 revenues soar on 'strong' organic growth

Energy efficiency-as-a-service business eEnergy Group said on Thursday that interim revenues had soared as a result of "strong organic growth" in the six months ended 31 December.

eEnergy generated revenues of approximately £6.6m in the first half, excluding a two-week contribution from the recently acquired Beond, a 235% year-on-year increase, while organic revenue grew 125% on the six months to December 2019 and all group entities reported positive operating underlying earnings.

The AIM-listed group completed 111 projects in the half, a 95% increase on the six-month period to December 2019, with the average contract value of each project increasing 50% year-on-year.

eEnergy added that its business model had been able to navigate the impact of Covid-19 with new contract wins, client properties largely remaining open and school closures allowing accelerated installations but cautioned that the most recent lockdown had added some "additional challenges" in delaying customers' decision-making in contracting for new business and noted that it may result in an extension of some project timeframes.

Chief executive Harvey Sinclair said: "eEnergy has made real progress over the last six months.

"We are confident about the future, as we look to add to the energy efficiency services we can offer to customers, driven through execution of our "buy and build" M&A strategy. We are currently evaluating a number of strategic opportunities in our pipeline to build an integrated energy management and energy efficiency platform."

As of 1140 GMT, eEnergy shares were up 4.30% at 13.82p.