In an update for the six months to 31 December 2021, eEnergy Group (EAAS ) said it is “very encouraged” by its forward order book as well as by the macro outlook for its market position.
eEnergy Group, which operates as an energy efficiency-as-a-service business and energy management-as-a-service business across the UK and Ireland, reported 1H22 revenues and EBITDA before exceptional items up by 44% to £9.7m, and 120% to £0.8m, respectively.
The revenues in 1H reflect the first full interim results from Beond, which was acquired in December 2020, and the results of UtilityTeam since its acquisition in September 2021.
eEnergy told investors that Beond has significantly outperformed its expectations for its first full year and that the integration of UtilityTeam is progressing well (which is to be completed by June 2022) and that the business is performing in line with management expectations.
Since the acquisition, eEnergy Group has secured or renewed a number of major energy management contracts, including one worth £2.4m over 4 years. It added that volatile energy prices have played to the strengths of eEnergy’s technology and consulting led energy management business and contract renewals have remained in-line with historical rates.
eEnergy said it 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, of £18.3m over 5 years (up 250% from its forward order book on 31 December 2020).
Out of this forward order book, £5.3 million is expected to be recognised as revenue in 2H22 and £6.5 million recognised in FY23, the company told investors. The Board added that it also expects to trade broadly in-line with market expectations for the current financial year.
Looking ahead, eEnergy informed investors that it 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 company said ‘the structural and regulatory growth drivers that it is exposed to remain highly attractive and will support Management’s growth ambitions over the medium term.’
Harvey Sinclair, CEO of 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.”
He added: “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 existing clients.”
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