A Lancashire-headquartered listed energy company fell to a pre-tax loss during its latest financial year despite its revenue increasing, new figures have revealed.
Inspired Energy has reported a pre-tax loss of £4.54m for the 12 months to December 31, 2020, compared to a profit of £3.08m in the prior year.
Its adjusted EBITDA from the continuing operations decreased 25% to £12.8m as a result of the impact from the Covid-19 pandemic.
The company's revenue, however, increased from £43.7m to £46.1m over the same period.
During the year the business completed a £31.3m fundraise which allowed it to acquire the remaining 60% interest of Ignite Energy and LSI Energy Holdings in the third quarter.
The figures come after the company announced that it had completed a pair of acquisitions at the start of March 2021.
Chief executive Mark Dickinson said: "Whilst 2020 clearly presented challenging marketing conditions, the group achieved significant strategic milestones whilst remaining profitable and cash generative and managing an effective response to the global pandemic.
"Looking at the year to date, the business is performing in line with expectations and consistently with our assumptions with respect to the global pandemic.
"Whilst the risks associated with the pandemic should not be discounted, we are excited by potential for the business to bounce back.
"In recognition of this strategic evolution, the company is proposing to rename itself Inspired plc at our AGM in June 2021, to better reflect the structure into which the group has now evolved: a technology enabled service provider with the market leading position for energy procurement, utility cost optimisation and sustainability enhancement in the UK and Ireland."
