Fylde energy firm has a ‘strong year’

Janet Thornton of Inspired Energy
Janet Thornton of Inspired Energy

Kirkham-based Inspired Energy has reported another “strong year” in a trading update to the City.

The AIM-listed energy provider has issued a trading update for the 12 months ending ended December 31 last year.

Inspired had a very strong 2016 in which the business delivered on its stated growth strategy

In it, Inspired says the firm “continues to deliver on its growth strategy and expects to report results in line with market expectations, which were revised upwards during 2016,”

The company is due to officially release its full results on March 27.

The Progress Business Park-based group said its revenues are expected to be about 40 per cent ahead of the previous year’s.

It said its Procurement Corporate Order Book stood at £28m, up from £24,5m in the previous year – growth of 14 per cent.

Trading remained strong throughout the year, it added, a trend which was continuing into the start of the new financial year.

Following the acquisition of Informed Business Solutions Limited in September 2016, the company said its net debt was expected to be approximately £10.8m at the year end. In the statement Inspired says: “Since the acquisition, Informed has broadened the Group’s customer base and strengthened the Group’s presence in the multi-site retail and leisure markets for energy procurement.

“The integration of the business is now virtually complete and the entire team has now relocated to Inspired Energy’s head office in Kirkham.”

Staff from Informed have moved to the group’s HQ at Progress Business Park.

Janet Thornton, chief executive and founder of Inspired Energy, said: “Inspired had a very strong 2016 in which the business delivered on its stated growth strategy.

“I am delighted that we have been able to conclude and integrate all three acquisitions completed over 2015 and 2016 whilst delivering on our organic growth targets.

“We continue to seek out attractive acquisitions and I am confident that 2017 will be another year of positive growth for Inspired.”

On a like-for-like basis, excluding the acquisitions, the company said its organic Order Book grew by nine per cent to £19.1m.