Business
H1 24 Trading Update
H1 24 Trading Update.
About this update from Eenergy Group Plc
[{"type":"text","content":"\n\n26 July 2024\n \neEnergy Group plc\n(\"eEnergy\", \"the Company\" or \"the Group\")\n \nH1 24 Trading Update\n \neEnergy (AIM: EAAS), the net zero energy services provider, announces an update on trading for the six months ended 30 June 2024 (\"the Period\").\n \nThe Period has been focused on restructuring the operating platform of the Group following the sale of the Energy Management Division. In addition, Q1 24 trading was impacted by a constrained balance sheet prior to the Energy Management Division disposal and weak market conditions, resulting in a slow start to the year as previously guided. Market conditions improved during the Period and H2 24 has started with strong momentum which, together with a robust contracted forward order book, enables the Group to maintain full year revenue guidance at £25-26m.\n \nSummary\n\n\n\n\n●\n\n\nH1 24 Core Revenue(1) of £6.2m (pro forma(2) H1 23 £11.0m)\n\n\n\n\n●\n\n\nH1 24 Core Adjusted EBITDA(1) loss of £(2.1)m (pro forma(2) H1 23 £0.5m)\n\n\n\n\n●\n\n\n£5.2 million solar contract signed with Spire Healthcare plc, the Group's largest to date\n\n\n\n\n●\n\n\nUp to £40m project funding facility with National Westminster Bank Plc (the \"NatWest Facility\") to finance energy efficiency and onsite generation technologies for the Group's public sector customers\n\n\n\n\n●\n\n\nSales pipeline growth has been strong in the Period (pipeline up 25% in the period)\n\n\n\n\n●\n\n\nH2 24 revenues underpinned by contracted forward order book at 19 July - £12.9m expected to convert to revenue during H2 24 (pro forma(2) H1 23 £8.7m), comprising 75% of forecast H2 24 Solar revenues and 44% of forecast H2 24 LED revenues\n\n\n\n\n●\n\n\nH2 24 started with strong momentum, with positive signs of market recovery\n\n\n\n\n●\n\n\nInterim accounts expected to reflect an exceptional adjustment to the balance sheet following a full review of the Group structure and balance sheet, implemented following the sale of the Energy Management Division\n\n\n\n\n●\n\n\nNick Clark appointed to new role of Chief Operating Officer\n\n\n\n\n \nNote (1): Core Revenue and Core Adjusted EBITDA relate to the underlying revenues and earnings of the continuing operations of the Group for the period. They exclude amounts related to the Energy Management Division, including pre-completion reve...