21 February 2017 – trading update
The group has issued a trading update for the six month period to 31 January and this has confirmed that the group has performed in line with expectations. Compared to the same period twelve months ago, the group has reported double digit revenue growth with a strong performance being seen in the Enterprise Division which serves the SME market. As well as increasing both revenues and profits, this division also reported an increase in forward orders, and this has driven an increase in the headcount of energy consultants to 661 from 625 at both 31 January 2016 and 31 July 2016. This division accounted for 94% of adjusted pre-tax profits in the last financial year to 31 July 2016. In the Corporate Division, which services larger organisations, and which accounted for the balance of adjusted pre-tax profits, has reported lower revenues and profits than the same period last year, although the company remains confident of future prospects. Net debt at the end of the period had fallen to £4.1m compared with £10.2m a year ago. The interim results are due to be announced in April and we retain our recommendation of BUY.