Eneraqua Technologies FY pre-tax losses seen in line with consensus

14th Mar 2024 10:34

(Sharecast News) - Energy and water efficiency solutions provider Eneraqua Technologies said on Thursday that full-year revenues and pre-tax losses were seen in line with consensus forecasts.

Eneraqua said annual revenues were expected to be roughly £54.0m, while pre-tax losses were seen at approximately £6.0m. Eneraqua also noted that it held a stronger than anticipated cash position at the year-end of £6.4m, representing a net cash position of £1.2m.

The AIM-listed group added that across the business, it had experienced "increasing demand" for its energy and water solutions as both central and local governments "recognise the broader benefits" of its solutions and the well-documented inflationary impacts on our customers subside.

Eneraqua added that it had recently secured "significant contracts", including a £12.7m contract with the Royal Borough of Kensington & Chelsea and a £7.2m contract with "a world-class museum, gallery and leisure complex", both of which were underway. It also secured its first major NHS contract through the earlier acquisition of Mathewsons - a sector it said held "exciting growth potential" for the firm.

Chief executive Mitesh Dhanak said: "We have navigated an extremely challenging year, which has been impacted by inflationary pressures on client budgets in Energy and the hiatus in Government policy on net neutrality and development, both of which we are encouraged to see are stabilising.

"Across both energy and water we are well placed to capitalise on growth in both the UK and internationally, and the board remains confident that the potential for the business driven by the financial, environmental and economic imperatives of the carbon transition continues to be strong. These positive factors, together with our proven expertise and good customer relationships, are increasingly driving an increase in the range and scale of opportunities available to us."

As of 1110 GMT, Eneraqua Technologies shares were up 10.26% at 43.0p.

Reporting by Iain Gilbert at Sharecast.com