17 February 2016 – trading update
An update on trading for the six months ended 31 January 2016 has been released, confirming that the Group has performed in line with management expectations during the period. There was continued revenue growth in both UK divisions as well as its European operation. Significant progress has been made, particularly in the Enterprise division, with gross order book additions totalling £40m in the period. The contract ‘go live’ rate improved in the period meaning the Group revenue pipeline was £24.7m as at 31 January 2016, slightly lower than the £26.2m figure at the year end.
Energy Consultant headcount at 31 January 2016 was 625, up from 610 at 31 July 2015. Headcount growth has been slightly slower than expected but is expected to increase in the second half. Customer numbers as at 31 January 2016 were 29,288 compared to 22,048 as at 31 January 2015 and 25,976 as at 31 July 2015. Net debt at 31 January 2016 was £10.4m, in line with management expectations. The company is on track to meet market expectations for the full year and interim results for the six months ended 31 January 2016 are due to be released on Tuesday 19th April 2016. We continue to rate the shares as a BUY.