- Energy services unit delivers 68 per cent higher annualised revenue of £17.5mn
- Post-period £29.3mn disposal transforms balance sheet
- Major contract announced in April 2024
- New funding facility secured
Annual results from technology-enabled energy services provider eEnergy (EAAS: 5.9p) had been flagged in early March when the directors announced a £40mn project funding facility with NatWest alongside a pre-close trading update.
The numbers for the 18 months to 31 December 2023 are complicated by the inclusion of the energy management business that was sold for £29.3mn after the period end. However, the bottom line is that the retained energy services business delivered £2.3mn cash profit (pre-central overheads), or £1.5mn on an annualised basis. Following the disposal, management is taking steps to right-size the cost base, which will see annual central costs reduced from £2.3mn to £1.6mn by the final quarter of 2024.