Inspired Energy disappoints with update

Inspired Energy, an energy procurement consultant to UK corporates, failed to impress investors despite saying profit before tax for the year ended December 31st is anticipated to be broadly in line with forecasts.

The figure, which excludes deal costs and amortisation of intangible assets associated with the acquisition of Direct Energy Purchasing, is on slightly higher-than-expected revenues.

Net debt is expected to be approximately £1.8m, compared to £2.16m at the end of 2011.

The group said that trading during the year had remained strong, with the contracted order book of Inspired Energy Solutions rising to £6.3m compared to £4.3m a year earier.

DEP's order book has also grown substantially in the period since its acquisition to £2.6m, compared to £1.7m at the previous year's end.

As such, the total current, contracted, order book to £8.9m as at December 31st 2012.

Janet Thornton, Managing Director of Inspired Energy, said: "We have a strong contracted order book and the board is confident of the group's outlook. We look forward to continued organic growth in the year ahead, alongside the pursuit of further earnings enhancing acquisitions."

The share price fell 7.89% to 4.38p by 15:00.

NR