eEnergy FY21 revenues surge, pre-tax profits seen lower in FY22
Energy efficiency-as-a-service business eEnergy expects 2022 full-year pre-tax profits to fall short of previous expectations despite also anticipating a marked increase in annual revenues.
eEnergy said on Tuesday that revenue for the 12 months ended 30 June was expected to be roughly £13.5m, a 200% growth on 2020 full-year revenues of £4.5m, while organic revenue growth in its core eLight business was predicted to be 75% year-on-year, generating revenues of £7.9m.
Adjusted underlying earnings were seen at £700,000, a marked turnaround from the prior year's underlying loss of £1.5m, while profit before and after tax was pegged to be £100,000, an improvement on 2020's loss of £1.9m.
Looking to 2022, eEnergy expects revenue and profit before and after tax and before exceptional items for to be "materially ahead" of 2021. However, after bringing forward investments in group management capability, alongside its ongoing investment into the development of its MyZeERO offering and committing to additional sales and marketing expenses, profit before tax and exceptional items for the current year was now expected to be "approximately 10% below current market expectations".
Chief executive Harvey Sinclair said: "Whilst the last year has been tough for all businesses, I am very pleased with the significant progress we have made during our first full year as a public company. I am proud that we have been able to post our maiden full-year profit and deliver organic growth of 75%.
"We have grown our management team and executed on our strategy of acquiring and integrating value enhancing businesses which has moved eEnergy into the exciting wider energy services market. This provides an excellent platform for continued material growth in revenue and profit over the medium term."
As of 1140 BST, eEnergy shares were down 1.94% at 11.40p.