eEnergy Group plc has released its unaudited interim accounts for the 12 months to 30 June 2023. The company reported a 50% increase in revenue to £33.2 million compared to £22.0 million in FY 2022. Energy Services revenue increased by 87% to £19.5 million, while Energy Management revenue increased by 17% to £13.6 million. Adjusted EBITDA increased by 55% to £4.7 million, and adjusted PBT increased by 34% to £2.7 million. The company also reported a profit before tax of £1.1 million, compared to a loss before tax of £2.2 million in FY 2022. The net cash/debt position was £(6.9) million, reflecting a strengthened balance sheet.
In terms of operational highlights, eEnergy launched eSolar with 29 MW under Heads of Terms or signed contract as of 30 June 2023, a 226% increase compared to 8.9 MW in June 2022. The company also completed a new €5 million two-year project funding facility with Solas Capital AG to finance LED lighting projects in Ireland. Additionally, John Foley was appointed as Non-Executive Chairman.
After the reporting period, eEnergy increased its ownership in subsidiary eEnergy Insights Ltd, which holds the Group's MY ZeERO smart metering and analytics platform, to 100%. The company also secured a contract with Tudor Grange Academies Trust worth £3.0 million for onsite solar generation.
CEO Harvey Sinclair expressed satisfaction with the financial and strategic progress made throughout the year. He highlighted the expansion into new market segments and the strong platforms in eSolar and eCharge as key growth drivers for the business. Sinclair also mentioned reaching profitability as a significant milestone and the sales team's cross-selling abilities demonstrated by the Tudor Grange contract. The company's Forward Order Book stands at £27.5 million, and management is focused on improving cash generation to pursue larger project opportunities. The Board is reviewing strategic options to strengthen the balance sheet further. Sinclair expressed cautious optimism about delivering trading expectations for the full period.