Activity building after period of strategic change
eEnergy’s H1 update confirms that trading remains in line with expectations with momentum building at the start H2’24.As previously reported, H1 started slowly as a result of weak market conditions and balance sheet constraints, which were resolved by the sale of the Energy Management (EM) division in Q1. Encouragingly, market conditions have improved and full year revenue guidance has been maintained at £25-26m. We make no changes to our underlying forecasts or fair value of 13p/ share.
In our view, recent months have been transformative for eEnergy, positioning the Group to capture the significant market opportunity that exists across Solar and LED lighting, in particular.
eEnergy now has the balance sheet strength to tender for much larger contracts, which we expect to drive long term growth. Trading is encouraging at the start of H2, and the Group continues to invest in the executive team with Nick Clark recently joining in the new role of Chief Operating Officer.
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