Inspired Energy plc completes £5.8m swoop for firms in Lancashire and Bedford

Lancashire-based energy procurement consultant Inspired Energy plc has acquired two providers of energy management services.

The first deal, completed for £3.875m, saw the firm swoop for SystemsLink, a Bedford-based supplier of software that enables customers to monitor and manage their utilities consumption.

The second was for water and energy management services firm ECM, whose offering includes water procurement, bill validation, retrospective audits, leak detection and repairs.

ECM, based in Kirkham, Lancashire, was acquired with an initial cash payment of £500k, which could be followed with further payments of up to £1m in cash and the issue of up to £500k of shares in Inspired Energy.

In the year to August 31 2017, SystemsLink generated a pre-tax profit of £470k against revenues of £1.28m.

ECM’s EBITDA and revenue for the 12 months to May 31 2017 stood at £150k and £740k respectively.

Mark Dickinson, chief exec of Inspired Energy, said: “We are delighted to conclude the acquisitions of SystemsLink and ECM, which are highly complementary additions to Inspired’s core corporate division.

“These acquisitions broaden our customer base and further enhance our sector specialisms and service offering.”

He continued: “We look forward to working closely with the highly experienced and knowledgeable teams of both businesses and welcoming them into our core corporate division as we continue to advance our position as a market leader.”

In other news, Kirkham-headquartered Inspired Energy announced its financial results for the year ending December 31 2017 this morning (March 22).

Revenues came in at £27.46m, up 28% against the £21.51m recorded in 2016.

Pre-tax profits for the period fell 12% to £3.55m, a dip attributed to factors including exceptional costs of £1.51m associated with acquisitions.

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →