eEnergy Group, a leading provider of net-zero energy services, announced on Thursday that it anticipates a significant turnaround in its financial performance for the first half of the year. The company expects to report a pretax profit of £1.1 million ($1.4 million), marking a substantial improvement from a loss of £2.2 million in the first half of 2022.
Driven by growth in both its businesses, eEnergy Group projects a 50% increase in revenue, reaching £33.1 million. The energy services sector experienced remarkable growth, with revenue soaring by 86% to £19.5 million due to strong customer demand. Similarly, the energy management unit expects a 17% rise in revenue to £13.6 million, thanks to high customer retention levels and recurring revenue.
One of the key factors supporting eEnergy’s positive outlook is its robust contracted revenue book, which provides visibility into the second half of the year. As of June 30, the company’s contracted forward revenue stood at £27.5 million, compared to £26.4 million in the previous year.
It’s worth noting that eEnergy Group has adjusted its financial year end to December 31 and will consequently publish its interim accounts for the 12 months ending June 30 by September 31.