Inspired Energy Plc (LON:INSE) told investors trading is in line with expectations and consistent with its Coronavirus (COVID-19) assumptions.

The energy procurement consultant added management is excited by the prospects of its recently launched ESG disclosure product which hit revenue targets ahead of expectations.

The requirement for businesses to make mandatory ESG disclosures in 2022 provides a favourable back drop for the business, the company said.

In results for the twelve months ended December 31, gross profit was £38.9mln (2019: £39mln) on £46.1mln of revenue from continuing operations (2019: £43.7mln).

Earnings (adjusted EBITDA) were stated at £12.8mln (2019: £16.9mln) and the company made a £4.54mln pre-tax loss (2019: £3.08mln profit).

It generated some £11.6mln of cash from operations and it is to pay a 12p per share dividend.

“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,” said Mark Dickinson, chief executive.

“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.”

The company also noted that it will be renamed Inspired Plc, at its AGM in June, which will better reflect its evolved business.

Dickinson described the company as now being “a technology enabled service provider” with “the market leading position for energy procurement, utility cost optimisation and sustainability enhancement in the UK and Ireland.”

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