TPI provides its latest research note on eEnergy Group plc (EAAS.L).

eEnergy has released a Pre-Close Trading Update for the six-month period to 31 December 2020. During an exceptional second half of the calendar year, revenues for eLight increased by 235%, underpinned by organic growth of 125%, having completed 111 projects (up 95% on the comparable period).

Significantly also, the average contract value of each project was 50% higher year-on-year. In particular, the Group enjoyed strong growth within the UK academy and state schools sector as well as entry into new markets, including Northern Ireland. The successful integration of Renewable Solutions Lighting Ltd (‘RSL’) reduced the division’s unit costs and improved pricing to its clients.

Taking advantage of its exclusive OEM partnership with Venture Lighting Europe Limited (‘Venture Lighting’), more competitive overall technology pricing resulted in eLight’s gross margin lifting by more than 400 bps on the same time last year.

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We would draw your attention to the various disclaimers in the document both at the beginning and at the end of the note. Retail clients (as defined by the rules of the FCA) must not rely on the research document. In particular you should note that the research document is a non-independent marketing communication. The analyst who has prepared the research is aware that TPI provides research to eEnergy Group plc. Accordingly the research has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibitions on dealing ahead of its dissemination.

The information in the document is published solely for information purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. The material contained in the document is general information intended for recipients who understand the risks associated with equity investment in smaller companies. It does not constitute a personal recommendation as defined by the FCA or take into account the particular investment objectives, financial situation or needs of individual investors nor provide any indication as to whether an investment, a course of action or the associated risks are suitable for the recipient.

Copyright © 2021 Turner Pope Investments (TPI) Limited, all rights reserved.

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