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LONDON - eEnergy Group plc (AIM:EAAS), the net zero energy services provider, reported a return to profitability with adjusted EBITDA of £0.6 million for the year ended December 31, 2024, compared to a restated loss of £6.4 million in 2023.
Revenue surged 71% to £25.1 million from continuing operations, with a particularly strong second half that delivered £19.1 million in revenue and £2.6 million in adjusted EBITDA. The company’s net debt was reduced to £2.4 million from £8.0 million a year earlier.
The results follow February’s sale of the Energy Management Division to Flogas Britain for approximately £25 million, which allowed eEnergy to repay most of its debt and strengthen its balance sheet.
CEO Harvey Sinclair said: "The past 12 months has been a highly significant and successful period for eEnergy. This is the fourth consecutive year of revenue growth and illustrates the opportunity to continue to grow market share as the leading Energy-as-a-Service provider."
During the year, eEnergy secured a £5.2 million solar installation contract with Spire (NYSE:SR) Healthcare, diversifying its client base beyond its core education sector.
The company’s auditor PKF issued a disclaimer of opinion on the financial statements after identifying accounting discrepancies in late 2024, which required restatements of prior period results. The board expressed confidence that these issues have been addressed.
Post year-end, eEnergy announced a partnership with Redaptive Inc., providing funding of up to £100 million for energy efficiency projects.
The company expects to be cash positive in the first half of 2025 and further cash generative in the second half, with current trading in line with management expectations.
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