Kirkham-based commercial energy consultancy Inspired reported a 24% increase in revenue in the first half of 2022 as clients battled the challenges of a volatile market.
The AIM-listed company says the results are in line with expectations and include an 11% rise in gross profit to £26.81million.
Half-year results for the six-month period ending June 30, 2022 also show a 10% increase in adjusted EBITDA to £9.67 million.
The group says that the strategic and financial initiatives implemented during the period have placed it in a good position to achieve its strategic growth plan, while managing the additional risks created by volatility and uncertainty in the markets. raw materials and energy.
Inspired remains confident that it will deliver on its full-year expectations, while being mindful of the unprecedented conditions in UK energy markets which are “very challenging” for its customers.
The leading provider of technology-driven services helps businesses reduce energy consumption, achieve net zero, control energy costs and manage their response to climate change.
Mark Dickinson, Inspired Managing Director, said: “We are delighted to have made solid financial and operational progress in the first half.
“The high volatility in the energy market has made sourcing energy difficult for customers, and our staff have gone above and beyond during this time to support them.
“We have been pleased with the momentum in the Optimization and ESG divisions as these offerings become increasingly relevant to our clients in the current climate.
“While the economic environment continues to pose risks, our solid performance in the first half, our strong market position and our unique ability to support customers through a broad offering, gives us confidence for the second half and beyond. .”
The group says its backlog has remained consistent, with levels seen at the end of 2021, and stood at £67.5 million as of June 30, 2022.
Inspired predicts that the current conditions will lead to increased volatility in the energy insurance market in the near term, but this should not have a significant net impact on H2 performance.
And it indicates that the overriding need for energy efficiency initiatives should support continued strong demand for the value added by energy optimization services in H2.
Inspired also says the long-term opportunities in the group’s markets have been made even more evident by the current energy crisis and the board believes its proven strategy will allow it to capitalize on these opportunities as market conditions change. stabilize.
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