Source - Alliance News

Eneraqua Technologies PLC - London-based energy and water efficiency solutions provider - Posts pretax profit of £9.9 million for the year ended January 31, up markedly from £4.1 million the year before. Revenue is up 52% to £55.1 million from £36.2 million the year before. In March, the company said market forecasts had predicted revenue to be in the range between £61.3 million to £61.5 million.

Eneraqua explains that growth was driven by repeat customer orders, new client wins, geographic expansion, and the entering of new markets. Earnings before interest, tax, depreciation and amortisation jumps to £11.7 million from £5.6 million the year before. The company increases its full-year dividend by 20% to 1.2p from 1.0p. Looking ahead, Eneraqua says it has a ‘record order book’ of £130.4 million. About 62% of the order book is currently anticipated to be delivered in financial 2024.

Chief Executive Officer Mitesh Dhanak says: ‘FY23 was another year of solid progress for Eneraqua, as the group successfully executed against its growth strategy. Within the context of the energy crisis and wider macro-economic uncertainty, Eneraqua, thanks to the hard work of our team, has in many cases exceeded the board’s expectations and continued to deliver cutting edge clean-tech technologies and solutions to customers, globally.’

Current stock price: 160.00 pence each, down 38% on Tuesday morning in London

12-month change: down 36%

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