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27 Mar 2019 | 08:44

Inspired Energy profits jump 40% powered by record growth in corporate division

Inspired Energy said annual profits jumped by 40% as record revenues in its corporate division powered growth.

For 2018, pre-tax profits rose 40% to £4.20m and revenue increased 24% top £32.69m.

Its corporate division grew revenues 34% to a record £27.3m, contributing 84% of group revenue for the year, up from 77%.

The corporate order book rose 36% to £53.0m thanks to 'strong customer retention and robust performance from significant new customer wins,' the company said.

The company completed of five strategic acquisitions in 2018. This further broadened our service offering and materially increased the level of the group's client meters under management, the company said. 'We are delighted to deliver such a strong set of results for 2018. We accelerated our next growth phase with five complementary and value-enhancing acquisitions, whilst continuing to deliver sustained organic growth in the Corporate Division,' said Mark Dickinson, CEO of Inspired. 'Following an excellent 2018, we have had an encouraging start to 2019 and I am confident that the team will deliver another year of significant growth.'

At 8:44am: (LON:INSE) Inspired Energy PLC share price was +1p at 18.38p

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