Eneraqua Technologies PLC Half-Year Trading Update and Contract Wins (5027Z)
September 15 2022 - 2:00AM
UK Regulatory
TIDMETP
RNS Number : 5027Z
Eneraqua Technologies PLC
15 September 2022
15 September 2022
Eneraqua Technologies plc
("Eneraqua Technologies", the "Company" or the "Group")
Half-Year Trading Update
and
Contract Wins
Eneraqua Technologies plc, a specialist provider of energy and
water efficiency solutions, provides an update on trading for the
six months ended 31 July 2022 (H1 FYJan23). The Group is also
pleased to announce the award of multiple, multi-year contracts
with both new and existing social housing and private sector
clients to provide heat pump solutions, with a total contract value
of up to GBP36m, to be phased across the next three years.
Activity in the first half of the year was strong and the Group
was able to invest to enable it to execute successfully on its
growth strategy. H1 revenue is expected to be at least GBP24m, with
the weighting of full year activity traditionally falling into H2
due to the nature of client procurement calendars.
As highlighted in the Group's AGM Update on 29 July and further
evidenced by the contract wins detailed above, the Company has a
strong pipeline of opportunities for the current year and beyond
with an Order Book(1) providing full revenue cover for its FYJan23
revenue target and 79% for FYJan24.
Major contracts won during the period include:
-- The award of multiple contracts which have been granted by
new and existing social housing and private sector clients to
provide heat pump solutions. These heat pumps will help improve the
sustainability of their properties and reduce the energy bills of
their residents.
-- First Agritech contract to provide our ClimateSmart
agricultural water efficiency solution to the State of Uttarakhand
in India.
-- Awarded two English local authority contracts to deliver net
water neutrality pilot programmes.
Post half year end the Company completed the acquisition of
Mathewson Holdings Ltd, an established provider of underfloor
heating solutions for the health and commercial sectors. The
initial consideration was GBP1.4m with a further consideration of
GBP0.35m payable over two years. The acquisition extends the
Group's low-carbon offering into the healthcare and commercial
sectors utilising the strong synergies between underfloor heating
systems and Eneraqua's existing expertise in ground and air source
heat pumps.
The Company will announce its half year results for the six
months ended 31 July 2022 on 11 October 2022.
Mitesh Dhanak, CEO of Eneraqua Technologies commented : "The
first half of the financial year has been strong and we are
confident of meeting our financial targets for the year. We have
continued to grow revenues and secure a number of new contract
wins, with the contract wins announced today underpinning existing
market forecasts. It is clear that the underlying drivers of our
end markets are accelerating, and we are confident in the growth
prospects for both our Energy and Water businesses.
"The progress we have made to date coupled with the strength of
our Order Book (1) provides us with continued confidence that we
will deliver on the Board's growth plans for the current year as
well as strengthen our ability to deliver long term value for our
shareholders."
(1) Order Book defined as Contracted + Secured. Contracted =
project contract issued and signed, with work started or ready to
start. Secured = sum of a) tender process successful, awaiting
project contract, and b) Directors' assumed win rate on Framework
opportunities
For more information, please contact:
Eneraqua Technologies plc Via Alma PR
Mitesh Dhanak, CEO www.eneraquatechnologies.com
Iain Richardson, CFO
finnCap Limited - Nominated adviser and
Broker +44(0)20 7220 0500
Ed Frisby / Charlie Beeson - Corporate
Finance
Andrew Burdis / Sunila de Silva - ECM
Alma PR - Financial PR and IR +44(0)20 3405 0205
Justine James / Sam Modlin / Will Ellis eneraqua@almapr.co.uk
Hancock
Notes to editors
Eneraqua Technologies (AIM:ETP) is a specialist in energy and
water efficiency. The Group designs and delivers improved energy
and water systems which utilise its wholly owned intellectual
property, Control Flow HL2024. Energy was the first market the
Company entered and this is the larger sector, with the Company
focused on clients with end of life gas, oil or electric heating
and hot water systems. The Group provides turnkey retrofit district
or communal heating systems based either on high-efficiency gas or
ground/air source heat pump solutions that support Net Zero and
decarbonisation goals.
Water is a growing service offering focused on water efficiency
upgrades for utilities and commercial clients including hotels and
care homes. It has also expanded into agritech systems.
The activities in both areas are underpinned by the Company's
wholly-owned intellectual property, the Control Flow HL2024 family
of products which reduce water wastage and improve the performance
of heating and hot water systems.
The Company's main country of operation is the United Kingdom.
The Company's head office is in London with additional offices in
Leeds, Washington (Sunderland), India, Spain and the Netherlands.
The Company has 116 employees, with the majority employed within
the UK. Eneraqua Technologies has received the London Stock
Exchange's Green Economy Mark.
To find out more, please visit: www.eneraquatechnologies.com
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