Energy consultant Inspired Energy plc (LON:INSE) new acquisitions lifted interim revenues by over a third.
On Wednesday, the company, which helps manufacturers and other corporates manage their energy bills, reported that revenues rose 33% to £21.6mln, with organic growth at 6% in the six months to June.
Inspired said it had achieved strong results from the “value-enhancing acquisitions” made over the last two years and continues to mull further opportunities in the sector that may allow it to increase its geographic spread, add technical capabilities, and become more efficient as a company.
Last December, Inspired acquired energy procurement services company Inprova Finance Limited for £19.5mln.
Chief executive Mark Dickinson called the acquisition a “significant strategic milestone”, adding that 2019 has “continued at pace with the acceleration of our next growth phase, further complementary and value-enhancing acquisitions completed in parallel with sustained organic growth".
The AIM-listed company hasn't slowed down.
Post-period-end, Inspired also acquired water auditor Waterwatch UK for £500,000, of which half was paid on completion, as well as a 40% stake in Ignite Energy with the option to wholly acquire stretching into 2021.
The consultancy company added that its corporate division saw revenues of £18.7mln in the period, contributing 87% of group revenue for the period, and helping to boost profit before tax 55% to £3.2mln.
Inspired increased the half-year dividend by 16% to 0.22p, while orders at the end of the period were £55.4mln up from £40.1mln.