eEnergy Group PLC has released its unaudited interim accounts for the 12 months ending June 30, 2023. The company reported a 50% increase in revenue to £33.2 million compared to the previous year. The Energy Services revenue increased by 87% to £19.5 million, while the 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 the previous year. The net cash/debt position was £(6.9) million, reflecting a strengthened balance sheet.
In terms of operational highlights, eEnergy launched eSolar, which had 29 MW under Heads of Terms or signed contracts as of June 30, 2023, representing a 226% increase compared to the previous year. 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 during the year. He highlighted the expansion into new market segments and the strong platforms in eSolar and eCharge, which are expected to drive future growth. Sinclair also mentioned reaching profitability as a significant milestone and the signing of Tudor Grange as a demonstration of the sales team's cross-selling abilities. The company's Forward Order Book stands at £27.5 million, and Sinclair expressed cautious optimism about delivering trading expectations for the full period.
Investor and analyst presentations will be held online, and interested parties can register to attend. The company is reviewing strategic options to strengthen its balance sheet and support continued growth.