eEnergy (AIM: EAAS), a leading Energy Efficiency-as-a-Service and Energy Management-as-a-Service business in the
UK and Ireland, is pleased to provide an update on trading for the six months ended 31 December 2021.
Group Trading and Highlights
• H1 Revenues up 44% to £9.7 million
• EBITDA before exceptional items up 120% to £0.8 million
• Profit before exceptional items of £0.4 million (H1 2021: £0.1 million)
• £18.3 million of contracted forward revenues over four years, up 250% from 31 December 2020, with
£5.3 million converting into revenue during H2 2022
• The Board expects to trade broadly in-line with market expectations for the full year
Energy management revenues were £4.9 million in the Period compared to £0.2 million for the six months ended
31 December 2020. The revenues in the Period reflect the first full interim results from Beond and the results of
UtilityTeam since its acquisition in September. Beond, which was acquired in December 2020, has significantly
outperformed the Board’s expectations for its first full year within the Group. The integration of UtilityTeam is
progressing well (to be completed by June 2022) and the business is performing in line with management
expectations. Since the acquisition, the Group has secured or renewed a number of major energy management
contracts, including one worth £2.4 million over 4 years. The volatile energy prices through 2021 have played to
the strengths of the Company’s technology and consulting led energy management business and contract renewals
have remained in-line with historical rates.
Energy efficiency revenues were £4.8 million in the Period, which is equivalent to the second half of the year ended
30 June 2021 and £1.8 million less than the six months ended 31 December 2020 (a period which benefited from a
catch up effect in installations after the first period of lockdown). Since the beginning of the COVID pandemic the
Group has seen volatility in the length of its sales cycle as well as a concentration of installations in the school
holidays. The impact of this has become less acute in the latter half of 2021 and recent success in marketing at
events and conferences means the Group has already met its lead generation target for the full year and has its
strongest ever pipeline of new business opportunities. Conversion rates remain consistent with historical norms
and, combined with installation network capacity and greater flexibility around installation windows from schools,
means the Board expects a strong level of energy efficiency installations and revenue growth in the second half.
Full Year Outlook
The Group has a growing pipeline of opportunities for the remainder of the financial year and has contracted
forward revenues (based on expected consumption), as at 31 December 2021 (“Forward Order Book”), of £18.3
million over 5 years (up 250% from 31 December 2020). Of the Forward Order Book, £5.3 million is expected to be
recognised as revenue in H2 FY22 and £6.5 million recognised in FY23. eEnergy continues to make significant
strategic progress towards its stated goal to provide a simple, end to end solution to organisations and companies
wanting an economic and effective path to Net Zero emissions. As such, the Board expects to trade broadly in-line
with market expectations for the current financial year.
eEnergy’s growing portfolio of energy reduction solutions, complemented by the four acquisitions since Admission,
has helped diversify the Group, improve its quality of earnings and generate scale. eEnergy now has the ability to
offer customers a broad range of products and services and expertise in energy management, energy efficiency and
intelligent measurement and analysis, cultivating a large and relevant customer base to which the Group is seeking
to cross-sell by delivering its end-to-end offering.
The Company is now able to provide its clients with onsite solar generation and intend to add electric vehicle
charging solutions by the end of FY22. The structural and regulatory growth drivers that the Group is exposed to
remain highly attractive and will support Management’s growth ambitions over the medium term
Harvey Sinclair, CEO, eEnergy said: “The first half has been another busy period which has seen the Group win new
contracts as well as successfully integrate the acquisition of leading energy management group, UtilityTeam. We
continue to expand our digital energy services to meet the growing needs of businesses and organisations on their
paths to Net Zero.
“We are very encouraged by the momentum in our forward order book and the macro outlook for our growing
position in the market. We have over £18 million of contracted forward revenue for the coming years, a new record
which reflects our successful strategy to broaden our services and deepen our relationships with both new and
About eEnergy Group plc
eEnergy Group plc is an integrated energy services company, enabling organisations to transition to ‘Net Zero’
through “Energy-as-a-Service”. The Group offers:
• Energy Management as-a-Service; providing energy measurement, monitoring and analytics on top of core
“Zero Carbon” procurement services;
• Energy Efficiency as-a-Service; zero upfront capital, energy reduction solutions through measured savings
contracts including its LED businesses; and
• Enhanced customer value proposition through data gathered and analysed with its proprietary MY ZeERO
eEnergy was admitted to AIM in January 2020 with a strategy to use its market leading eLight “Light as-aService” business as the foundation to expand eEnergy as a broader energy services company via a ‘buy and build’
strategy. The Group has completed four transactions since admission, building a Top 5 energy management
business in the UK and acquiring proprietary smart metering and analytics capability through the investment in MY
ZeERO. The Board’s strategy continues to be to build a broader energy services company through acquisition with
a particular focus on energy efficiency related capabilities and technologies. The market in the EU for energy
efficiency services was approximately €25 billion in 2017 and is expected to double by 2025.
eEnergy has been awarded The Green Economy Mark by the London Stock Exchange, which recognises a company’s
work on sustainability.