eEnergy (AIM: EAAS), the net zero energy services provider, is pleased to provide the following update
in respect to the financial year ended 30 June 2022.
The Board is pleased to confirm that the Group generated revenue of £22.0 million and Adjusted
EBITDA of £3.0 million for the period(1) and is well placed to deliver significant year-on-year revenue
and Adjusted EBITDA growth for FY23(2).
The Group delivered a record performance in Q4 FY22 with revenues of £8.3 million and Adjusted
EBITDA of £2.0 million. Due to strong demand seen across our services, the Group enters FY23
benefitting from a strong pipeline and encouraging momentum.
• Revenues of £22.0 million (up 62% from £13.6 million in FY21), split between Energy
Management and Energy Efficiency divisions (representing 52% and 48% respectively)
• Further progress made in complementing organic growth with strategic acquisitions, with the
Group’s largest acquisition to-date, Utility Team, completed in H1 FY21
• Adjusted EBITDA of £3.0 million (up 261% vs. FY21)
• Significant progress with additional project funding through SUSI Partners AG and successful
debt refinancing with Silicon Valley Bank in H2 FY22
• Completed commercial launch of MY ZeERO, eCharge and eSolar with demonstrated strong
• Net Bank Debt (excluding lease liabilities) of £3.7 million following investment and inventory
build in MY ZeERO, funding of deferred consideration payments and non-recurring integration
costs related to the UtilityTeam acquisition and working capital absorption due to timing of
June Energy Efficiency installations and shift in supplier payment terms in Energy
Management as previously highlighted
FY22 has seen rigorous focus on integrating the business into a single compelling proposition, helping
organisations achieve net zero without capital investment, coming together under the one eEnergy
brand from 1 July 2022. This has contributed, together with the increasing cost of energy, to increasing
momentum in both client acquisition and also the adoption of multiple new services by existing
New Business opportunities developed well during Q4 across both Energy Management and Energy
Services and the Group enters FY23 benefitting from a robust contracted order book and a strong
• Forward order book of £25.3 million (up from £18.3 million at 31 December 2021) across both
Energy Management and Energy Services divisions:
o 88% Q1 revenues contracted as at 30 June 2022
o 39% FY23 revenues contracted as at 30 June 2022
• Cash flows are expected to reflect continued re-investment of cash profits into growth
opportunities, in particular MY ZeERO to meet expected customer demand, and payment of
certain non-recurring balance sheet items. It is expected this will be funded by operating cash
generation and/or borrowings, as appropriate
• Looking ahead, the Board remains confident that the Group is well placed to continue to
deliver on its strategic objectives and the underlying growth of the business
Further to the announcement of 4 May 2022, the Company is pleased to announce Crispin Goldsmith,
the Company’s Interim CFO, has been appointed on a permanent basis and joins the Board with
immediate effect. Disclosures required under the AIM Rules for Companies are provided below.
Crispin was previously eEnergy’s Chief Strategy & Commercial Officer.
Harvey Sinclair, CEO of eEnergy Group plc, commented: “We are pleased to announce a record Q4
which follows the record contract signings achieved in Q3. The continued energy crisis continues to
generate strong demand for our integrated Net Zero offering with the new business pipeline
developing strongly as we enter the new financial year.
“FY22 saw investment in our platform, our people and our proposition as we integrated our businesses
under the single eEnergy brand. We continue to invest in our innovative suite of products and services,
as well as seeking additional cross-sell opportunities amongst our existing and new customer base, as
we execute our strategy of delivering a unique market leading solution.
“Finally, I would like to formally welcome Crispin Goldsmith as permanent CFO and Board member.
Crispin brings with him a wealth of knowledge and experience that will benefit the continued growth
of the business and we look forward to the future with optimism. We would like to thank Ric for his
services to the Group and wish him all the best for the future.”
(1) Market consensus forecast for year ended 30 June 2022: Revenue £23.0m; Adjusted EBITDA £3.0m.
(2) Market consensus forecast for year ending 30 June 2023: Revenue £30.5m; Adjusted EBITDA £5.0m.