Inspired Energy plc (LON:INSE) shares jumped in early trading Wednesday after the firm said it expected a “strong set of results” for the 2018 fiscal year.
The firm, which helps companies negotiate their energy packages, said revenues for the year were expected to be 21% higher than 2017, with adjusted underlying earnings (EBITDA) forecast to be up 24% and pre-tax profits up 22%, both in line with expectations.
READ: Inspired Energy reports rising revenue, thanks to growth in corporate business
The core corporate division, which contributed 84% of earnings for 2018, was expected to report revenue growth of 29% year-on-year.
The year-end procurement order book had also increased 36% during the year to £53mln while cash generation was expected to be 37% higher than in 2017.
Inspired said trading had been strong throughout the year and had continued into 2019 underpinned by the order book.
The company also said it had made five strategic acquisitions during the year which would enhance “growth opportunities” and its service offering.
Mark Dickinson, chief executive, said 2018 had seen the “acceleration of our next growth phase with five complementary and value-enhancing acquisitions completed, whilst the Group has continued to deliver sustained organic growth in the Corporate Division”.
He added that he was confident 2019 would be “another year of significant progress for the Group with trading in line with expectations”.
In a note to clients, analysts at broker Peel Hunt said the update had confirmed a positive finish to the year with “good underlying growth.
“Importantly, the business momentum has been sustained through a period of acquisition integration and operating structure simplification,” the broker said, adding that the outlook was “confident given positive market trends, recent acquisitions and Inspired’s superior positioning”.
Shares were up 4.9% at 18p.