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Pandemic forces Inspired Energy into the red despite revenue rise

The company completed a number of deals during recent months

Inspired Energy has reported its latest financial results(Image: PA)

A Lancashire-headquartered listed energy company fell to a pre-tax loss during its latest financial year despite its revenue increasing, new figures have revealed.

Inspired Energy has reported a pre-tax loss of £4.54m for the 12 months to December 31, 2020, compared to a profit of £3.08m in the prior year.

Its adjusted EBITDA from the continuing operations decreased 25% to £12.8m as a result of the impact from the Covid-19 pandemic.

The company's revenue, however, increased from £43.7m to £46.1m over the same period.

During the year the business completed a £31.3m fundraise which allowed it to acquire the remaining 60% interest of Ignite Energy and LSI Energy Holdings in the third quarter.

The figures come after the company announced that it had completed a pair of acquisitions at the start of March 2021.

Chief executive Mark Dickinson said: "Whilst 2020 clearly presented challenging marketing conditions, the group achieved significant strategic milestones whilst remaining profitable and cash generative and managing an effective response to the global pandemic.