Energy efficiency company Eneraqua Technologies PLC (AIM:ETP)’s shares have taken a nosedive after the company issued a profit warning today.
The heat pump provider’s shares fell 57% this morning to 39.60p by 10 am after it warned that existing contracts had been “rephased”.
The company significantly downgraded its expectations for 2024 and 2025, stating that it now expects revenue and profit “to be substantially below market expectations” for fiscal 2024 and that it also expects “lower revenues and profits” than forecast the following year.
Eneraqua said the unexpected policy decision on net nutrient neutrality rules forced water customers to defer investment decisions until there was more clarity, with the delays affecting multi-year programmes.
The downgrades come after the government delayed its ban of gas-powered boilers this autumn, in a move that came as a blow to the heat pump industry.
That ban was due to come into force in 2026 but has been postponed until as late as 2035.