eEnergy Group PLC has released its audited financial statements for the 18 months ending 31 December 2023, with a focus on the Energy Services division. The company reported a revenue of £26.3 million, a decrease from the previous period, and an Adjusted EBITDA of £(0.2) million. The sale of the Energy Management Division post-period end has significantly transformed the balance sheet, with an initial cash consideration of £25 million received. The company has also secured a new £40 million project funding facility with NatWest to finance energy efficiency and onsite generation technologies for its public sector customers.
Operational achievements include the completion of a new €5 million two-year project funding facility with Solas Capital AG to finance LED lighting projects in Ireland, a strategic investment agreement with Luceco plc, and an increased ownership stake in measurement platform MY ZeERO. The company is also looking to expand its position within the public sector and new commercial sectors such as healthcare.
The CEO, Harvey Sinclair, commented on the results, expressing confidence in the company's ability to convert the growing pipeline and expecting profit generation to be concentrated in the second half of the year. The market is showing signs of recovery, with a strong pipeline growth in recent weeks, and the company is encouraged by the economy's acceleration towards Net Zero. The company is taking actions to reduce its cost base following the disposal of the Energy Management division, expecting a reduction in annualized Group PLC costs.
The company will be publishing its Annual Report and Accounts for the 18 months ending 31 December 2023 on its website and will be hosting an investor webinar and analyst presentation following the trading update in July.