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Inspired Energy warns on performance; sells SME division for up to £10.5 million
StockMarketWire.com
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Energy procurement consultant Inspired Energy warned on annual performance on disruptions in its optimisation services businesses and said it had completed the sale of its SME division to the management team via a buyout for up to £10.5 million.
The company said its continuing operations of the corporate division would report underlying EBITDA approximately of £1.2m below current expectations after disruptions in its optimisation services businesses - owing to the lockdown impact and project deferrals - offset performance in assurance services.
The move to sell the SME division would allow the company to focus exclusively on its expert assurance and utility cost optimisation services offerings to corporate energy consumers.
Underlying EBITDA contribution from the SME Division was now anticipated to be about £1.2m below current expectations for 2020 as the recovery in performance of the SME division did not materialise as a result of the impacts of the lockdown.
Its corporate assurance service business remained 'robust and ahead of management expectations for the full year, despite the disruption in Q4,' the company said.
'The average reduction in energy consumption by customers for the April to December period is expected to be about 18%, well ahead of the 25% reduction modelled in its downside case for the COVID-19 pandemic,' it added.
At 9:36am: (LON:INSE) Inspired Energy PLC share price was 0p at 13p
Story provided by StockMarketWire.com
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