695: Harvey Sinclair of eEnergy Group provides a trading update that saw record contract signings in Q3 & momentum continuing into Q4

The Vox Markets Podcast

Harvey Sinclair CEO of eEnergy Group #EAAS provides a trading update that saw record contract signings in Q3 with momentum continuing into Q4 meaning the board expects to deliver approximately £23.0 million of Revenue and approximately £3.0 million Adjusted EBITDA for FY22.

Summary

· The Board is pleased with the strategic progress to date

o Integration of UtilityTeam on track to be delivered by end of the financial year

o Record contract signings (including renewals) in Q3 of £8.6 million

o Recent launches of Solar and EV Charging solutions generating higher than expected levels of customer engagement

o Strong revenue and earnings trajectory in the business, with the exception of Ireland

o Robust long-term market opportunity with increased focus on renewables

· The Board is now expecting revenue and Adjusted EBITDA to be behind current market expectations for the current financial year as a result of:

§ Ireland business has experienced longer Covid lockdowns with slower than expected recovery post first half results

§ Customers are entering into larger multi-service contracts resulting in longer conversion times from signing to installation

· The Board expects to deliver approximately £23.0 million of Revenue and approximately £3.0 million Adjusted EBITDA for FY22

About eEnergy Group plc

eEnergy (AIM: EAAS) is a digital energy services company, empowering organisations to achieve net zero by tackling energy waste and transitioning to clean energy, without the need for upfront investment. It is making net zero possible and profitable for all organisations in four ways:

· Transition to the lowest cost clean energy through our digital procurement platform and energy management services.

· Tackle energy waste with granular data and insight on energy use and dynamic energy management.

· Reduce energy use with the right energy efficiency solutions without upfront cost.

· Reach net zero with onsite renewable generation and electric vehicle (EV) charging.

eEnergy is a Top 5 B2B energy company, currently managing 4.2TWh of energy for 1,800 customers across the public and private sectors.

eEnergy has been awarded The Green Economy Mark by London Stock Exchange.