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Inspired Energy reinstates dividend, makes strong start to 2021 after swinging to loss
StockMarketWire.com
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Energy procurement consultant Inspired Energy reinstated its dividend and touted strong start to the new year after swinging to an annual loss as higher costs offset a climb in revenue.
The company started Q1 with 'record performance in terms of contracted business, ... [transforming] the business from one with an operational capability of delivering 6% to 8% annual organic growth, to one capable of delivering double digit organic growth,' the company said.
For the year ended 31 December 2020, pre-tax losses - from continuing operations - were £4.54 million compared with a profit of £3.08 million year-on-year as revenue rose 6% to £46.1 million.
A final dividend of 0.12 pence was proposed.
The group's energy optimisation services business had been more significantly disrupted in Q1 owing to the ongoing lockdowns, but performance was in line with management's expectations.
Looking ahead, the company said one of the key areas of focus for 2021 would be on 'the evolution of the software solutions division, which creates the proprietary software used by the group to underpin its technology enabled services, as well by third parties under a SaaS model.'
At 8:23am: (LON:INSE) Inspired Energy PLC share price was 0p at 13p
Story provided by StockMarketWire.com
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