In its half-year results for the six months to 31 December 2021, the digital energy services company, eEnergy Group (EAAS ), reported “robust progress” as revenues jumped by 42%.

In the six month period, revenue for the enlarged group increased by 42% to £9.6 million, up from £6.8 million reported a year prior in 1H21. Adjusted EBITDA saw a 117% increase to £0.8m, up from £0.4m in 1H21, while pre-tax profit was £0.2m compared to £0.1m in 1H21.

Commenting on this morning’s results, Harvey Sinclair, CEO of eEnergy noted: “eEnergy has made robust progress over the last six months, having successfully integrated the teams at Beond and UtilityTeam, both of which are performing well and ahead of our expectations.”

“Moreover, we are seeing strong momentum with our customers engaging with our newly rolled outsmart metering and energy efficiency as-a-service solutions,” he commented.

In 1H22, eEnergy expanded its services and customer base, with 44% of eEnergy’s Top 50 clients are now “actively engaged” in procuring significant additional services from the Group.

Meanwhile, the company hailed its successful integration of Beond as well as the advanced integration of UtilityTeam, both of which are said to be performing ahead of expectations.

In particular, the company said its acquisition of UtilityTeam back in September 2021 had brought “a commercial edge” to its Energy Management business, including scale and a significant opportunity to cross-sell its products and services to its growing customer base.

In addition, eEnergy said Beond, which it acquired back in December 2020, continues to be the bedrock for the company’s Energy Management business. To date, it has performed very well, delivering Adjusted EBITDA 25% ahead of its acquisition base case in the first year.

Over the six months, revenue across the Energy Management business increased to £4.8 million, up from  £0.2 million in 1H21, through underlying annualised growth of 25%, the inclusion of Beond for the full period and the acquisition of UtilityTeam in September 2021.

Energy Efficiency revenue of £4.8m was stable with 2H21 but down 28% on 1H21, primarily as a result of the catch up effect in 1H21 of projects delayed from the first Covid lockdown.

During 1H22, eEnergy increased its stake in MY ZeERO from 37.5% to 51% following the successful completion of specific development milestones. As at 28 February 2022, 132 MY ZeERO eMeters had been installed; a further 260 are either installed or awaiting installation.

Post-period, in February 2022, energy refinanced all secured debt with Silicon Valley Bank in February 2022. The company explained that the £5 million revolving credit facility is at a significantly lower average cost of finance and therefore provides much more flexibility.

In addition, the Company said it is now able to provide its clients with onsite solar generation and intends to add electric vehicle charging solutions to its offering by the end of FY22.eEnergy said it has “a growing pipeline” expected to generate incremental revenue in 2H22.

“There are clearly risks outside of the Group’s control, including challenges to contracting new energy supply contracts in the current market environment and timing of customer decisions on Energy Efficiency contracts and installations

However, on balance, and given the full period contribution from UtilityTeam and the strength of the Group’s pipeline of opportunities, the Board expects to trade in line with the current market expectations for FY22,” it noted.

Sinclair, who said the ongoing energy crisis and the resulting increase in energy prices has provided “an inflection point” for eEnergy, also acknowledges that broader macro conditions and clear regulatory drivers continue to be a tailwind for the business. As a result, he said the Board believes this will provide eEnergy with “improved organic structural growth drivers.”

“Our customers recognise the commercial significance of reducing energy wastage now more than ever.  We are one of the only businesses that enable customers to reduce their energy consumption as well as generate their own energy without the need for capital investment.”

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