Source - Alliance News

Eneraqua Technologies PLC on Tuesday said a solid first half would aid its growth plans, after it reported a considerable uplift in revenue.

For the six months ended July 31,the London-based energy and water efficiency solutions provider reported pretax profit of £3.0 million, up 7.3% to £3.0 million from £2.8 million.

Adjusted earnings before interest, tax, depreciation and amortisation were £4.0 million, up 25% from £3.2 million, which Eneraqua attributed to investments in its team.

Revenue increased by 92% to £24.2 million, up from £12.6 million last year. Eneraqua said that as a result, it would be increasing its revenue target for the 2024 financial year by 14% to £80.1 million.

On Tuesday, Eneraqua also announced its intention to invest in Control Flow HL2024, a technology that controls the flow rate within water installations, following the success of net water neutrality pilot programmes involving 100 homes with two English local authorities.

Pilots showed that HL2024 reduced household daily energy and water bills, equivalent to an average saving of around £360.0 a year.

Pre-launch costs for the product were estimated at approximately £500,000, which will be used to cover marketing and operational delivery.

Eneraqua said ‘significant planned investment to manage an increase in project delivery’ was the reason behind its swing to net debt of £200,000 from net cash of £30,000 a year prior.

Chief Executive Officer Mitesh Dhanak said: ‘We remain confident in our products and in our valued team and have a clear strategy focused on expanding our current offering and nurturing our strong client relationships. This strategy, coupled with our strong order book and trading in the first months of the second half, leaves the group feeling confident for the future.’

Eneraqua declared no interim dividend.

Eneraqua shares were trading 11% higher at 254.50 pence each in London on Tuesday morning.

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