Eneraqua Technologies PLC Energy Project Delays (5231W)
12 12월 2023 - 10:30PM
UK Regulatory
TIDMETP
RNS Number : 5231W
Eneraqua Technologies PLC
12 December 2023
The information contained within this announcement is deemed to
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now considered to be in the public domain.
12 December 2023
Eneraqua Technologies plc
("Eneraqua", the "Company" or the "Group")
Energy Project Delays
Two Local Authorities delay group of major projects
Impact to H2 profitability but still expect to be net cash at
year end
Eneraqua Technologies plc, a specialist provider of energy and
water efficiency solutions has been notified by two local authority
clients of a delay to the commencement of a group of major energy
projects which were expected to start this month.
Whilst the clients have confirmed their intention to proceed
with the projects, they have deferred the start date to post April
2024. One local authority has been impacted by budgetary pressures
and significantly rising costs on other projects already in
progress, while the other has had delays in the completion of
enabling works.
All local authorities are required to operate balanced budgets
across each financial year and the sector has seen financial
pressures due to the impact of inflation that the Regulator for
Social Housing advises is not expected to ease until mid-2024.
Eneraqua's project teams will be redeployed to accelerate delivery
of other projects and thereby mitigate some of the impact of the
delay in FY24.
The deferred projects are now expected to start in FY25 and the
Board has identified a number of cost reduction opportunities which
will reduce operating costs by cGBP1.4m in the next financial
year.
As a result the Board now expects to report results materially
below current market expectations with Revenues of cGBP55m in FY24
and an Adjusted Loss Before Tax of cGBP6m including redundancy
costs. These figures include provision for costs related to
defective equipment supplied for some district heating systems
which we will seek to recover in due course from the suppliers
concerned.
The positive collection of receivables through H2, together with
strong control of working capital means that year-end cash is
expected to be broadly in-line with expectations at cGBP5.5m
representing a Net Cash position of cGBP1.0m. **
Mitesh Dhanak, CEO Eneraqua Technologies , said: "While
recognising the serious budgetary pressures on our local authority
clients, this delay is clearly extremely disappointing for all of
our shareholders and staff. Whilst inflationary pressure has made
the Local Authority sector more complex to navigate, the structural
need and underlying demand for our solutions in Energy remains
positive given the quality of our offering and the continued drive
to net zero, with these contracts moving into FY25 providing a
strong basis for the year ahead."
**excluding IFRS 16 liabilities
The Company understands the FY24 consensus forecast to be
Revenue GBP63.4m, Adjusted PBT GBP1.5m and year end net cash of
GBP1.2m.
For further information please contact:
Eneraqua Technologies plc Via Alma PR
Mitesh Dhanak, Chief Executive Officer
Iain Richardson, Chief Financial Officer
Liberum (Nomad and Joint Broker) Tel: 0203 100 2000
Edward Mansfield
Benjamin Cryer
Singer Capital Markets (Joint Broker) Tel: 020 7496 3000
Sandy Fraser
Asha Chotai
Alma (Financial PR) Tel: 020 3405 0205
Justine James eneraqua@almastrategic.com
Andy Bryant
Will Ellis Hancock
Notes to editors
Eneraqua Technologies (AIM:ETP) is a specialist in energy and
water efficiency. The Group has two divisions energy and water.
Energy is the larger division, 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.
The water division is a growing service offering focused on
water efficiency upgrades for utilities and commercial clients
including hotels and care homes.
The activities in both divisions 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 based in London with additional
offices in Leeds, Washington (Sunderland), India, Spain and the
Netherlands. The Company has 168 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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END
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(END) Dow Jones Newswires
December 12, 2023 08:30 ET (13:30 GMT)
Eneraqua Technologies (LSE:ETP)
과거 데이터 주식 차트
부터 1월(1) 2025 으로 2월(2) 2025
Eneraqua Technologies (LSE:ETP)
과거 데이터 주식 차트
부터 2월(2) 2024 으로 2월(2) 2025
