Inspired PLC on Wednesday reported a swing to a yearly loss amid an increase in costs, though it struck an optimistic tone for the future.

The Preston, England-based energy advisory and sustainability services provider said it swung to a pretax loss of £4.0 million in 2022, from a profit of £1.1 million a year prior. Revenue grew 31% to £88.8 million from £67.9 million.

However, cost of sales ballooned 80% to £31.1 million from £17.2 million. Administrative expenses increased 22% to £58.5 million from £47.8 million.

The loss due to fair value of contingent consideration ballooned to £10.9 million from £4.7 million. Cost relating to origination and reversal of temporary differences increased to £1.6 million from £542,000. Meanwhile, finance expenditure increased to £3.1 million from £1.9 million.

The company declared a final dividend of 0.14 pence per share, up slightly from 0.13p a year ago. This brings the total payout for 2022 to 0.27p per share, up 8.0% from 0.25p.

Looking ahead, the company said it entered 2023 with considerable momentum across the business. It noted ‘a substantial addressable market, high profile clients, and a high-quality business model driving growth in revenue, adjusted earnings before interest, tax, depreciation and amortisation, and cash generation’.

Inspired said it has confidence in long-term growth and success.

Inspired shares were 5.3% higher at 10.79 pence each in London on Wednesday afternoon.

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