Inspired PLC (AIM:INSE)’s sales and profits climbed in the first half of 2022 as companies scrabbled to find a solution to their soaring energy costs.
Revenues in the half year to June 2022 rose 24% to £40.5mln, reflecting a near 50% rise in demand for the corporate energy consultant’s optimisation services and a 3% rise in its supplies (assurance) operation.
Inspired said it expects volatility to continue in energy assurance during the second half of 2022, but the need for businesses to find energy solutions is keeping optimisation demand high.
Interim underlying profits (adjusted EBITDA) rose 10% to £9.67mln with pre-tax profits 159% ahead at £2.43mln.
Orders book currently are in line with the end of 2021 at £67.5mln measured in terms of total contract value.
Cash generated over the first half rose significantly to £5.8mln, Inspired noted, but was offset by a contingent payment of £10.2mln.
The interim dividend is increased to 0.13p, from 0.12p.
Mark Dickinson, chief executive, said he was pleased with the first-half performance and "delighted" with the momentum in the optimisation and ESG divisions.
“The elevated volatility in the energy market has made energy procurement challenging for customers, and our staff have gone above and beyond during this time to support them.
“The board remains confident in achieving its full-year expectations noting it is also mindful of the unprecedented conditions in UK energy markets which are very challenging for the group's customers”