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Inspired Energy's sales and orders buoyed by acquisition spree

Published: 10:27 27 Mar 2019 GMT

Meter
Number of meters linked to Inspired rose by 250%

Five acquisitions lifted gas and electricity consultant Inspired Energy PLC’s (LON:INSE) 2018 revenues by almost a quarter.

The company is used by manufacturers and other corporates to manage their energy bills and the new additions helped annual sales rise to £32.7mln.

READ: Inspired Energy jumps as it forecasts “strong” 2018 results

Corporate division sales were 34% ahead at £27.3mln, with organic revenues rising by 8%. Underlying profits in this division were 44% higher at £13.8mln.

The number of electricity meters linked to Inspired soared to 350,000 from 100,000, with 129,000 (75,000) under direct management.

Going forward, Inspired will also get the full benefit of Improva, the largest acquisition it had purchased in December for £19.5mln.

That has boosted the corporate order book to £53mln, a 36% increase and providing 12 months secured revenue of £26mln.

“This remains a consistent guide to the future performance of the group, providing strong visibility of revenues for FY2019 and the next three years,” said the statement.

Inspired’s small business arm chipped in underlying profits of £2.4mln.

Mark Dickinson, chief executive, said: “Our acquisitions have further broadened our service offering and materially increased the level of the group's client meters under management. “

This year, 2019, had seen an encouraging start, he added.

The dividend for the year goes up by 18% to 0.65p.

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