Half year trading update and Notice of results
9 August 2023
("Inspired" or the "Group")
Half Year Trading Update and Notice of Results
Good H1 performance provides confidence in full year market expectations
Inspired (AIM: INSE), a leading technology enabled service provider supporting businesses in their drive to net-zero and controlling energy costs, provides an update on trading for the six-month period ended 30 June 2023.
The Group made good progress in the first half of the financial year, with the momentum from Q1 continuing into Q2; as a result, the Board expects to report robust results for the period ended 30 June 2023. Given this half-year performance and current trading, the Board remains confident in delivering market consensus* for the full year 2023.
Each of the Group's four divisions are trading well, with Optimisation and ESG delivering particularly strong revenue growth. Optimisation continues to benefit from cross selling and a strong step up in demand, with clients focussing on the beneficial impacts of energy reduction and delivering net-zero. ESG has delivered another exceptional performance, with good progress increasing the lifetime value of existing clients and adding new clients to the Group. Assurance continues to see momentum in new business generation, with retention rates recovering. Software continues to deliver growth and underpins the Group's broader service delivery.
Group net debt remains in line with management's expectations following the forecast payment of performance related cash contingent consideration in H1, and the Group is confident of achieving a cash conversion ratio in excess of 80% in FY23.
Mark Dickinson, CEO of Inspired PLC commented: "Managing energy costs and ESG have now become firmly embedded as operationally and commercially critical for most businesses. This is creating sustained and increasing demand for Inspired's differentiated products and services. We are better placed than ever as a full-service provider, reflected in the growth we are seeing in the Optimisation Services and ESG divisions in particular. We head into H2 with a strong pipeline and a growing orderbook, underpinning our confidence for the full year and beyond."
Notice of Results
Inspired will announce its unaudited half year results to 30 June 2023 on 11 September 2023.
An analyst briefing call will be held at 9 a.m. on the morning of the results and those analysts wishing to join the presentation can register for details via [email protected]
Retail Investor Presentation
A presentation to retail investors will be hosted on Monday, 11 September 2023 at 4.30 p.m. via the Investor Meet Company platform. The presentation is open to all existing and potential shareholders. Questions can be submitted pre-event via the Investor Meet Company dashboard up until 9.00 a.m. the day before the meeting or at any time during the live presentation.
Investors can sign up to Investor Meet Company for free and add to meet Inspired plc via:
* The Company considers that the consensus forecasts for the year ended 31 December 2023 are revenue of £110.5m and Adjusted EBITDA of £24.2m.
Enquiries please contact:
Mark Dickinson (Chief Executive Officer)
Paul Connor (Chief Financial Officer)
David Cockshott (Chief Commercial Officer)
+44 (0) 1772 689250
Shore Capital (Nominated Adviser and Joint Broker)
+44 (0) 20 7408 4090
Liberum (Joint Broker)
+44 (0) 20 3100 2000
Will Ellis Hancock
+44 (0) 20 3405 0205
+44 (0) 7525 324431