AGM Update

RNS Number : 1671U

Eneraqua Technologies PLC

29 July 2022

 

29 July 2022

Eneraqua Technologies plc

("Eneraqua Technologies", the "Company" or the "Group")

AGM Update

Eneraqua Technologies plc, a specialist provider of energy and water efficiency solutions, will today hold its AGM at 12:00 p.m. at which the following update will be given:

The Board is delighted to host our first AGM since IPO on 22 November 2021.

Following a strong start to life as a quoted Company we are pleased to update that post year end, trading in the first half of the year to 31 January 2023 has been encouraging and we remain on course to deliver on our growth plans.   

In addition to delivering on contracts in the current year, we are also building a strong pipeline of opportunities for the following year and beyond with an Order Book¹ providing full revenue cover for our FYJan23 revenue target and 67% for FYJan24.  

As reported, we were delighted to secure the first Agritech contract in May to provide our ClimateSmart agricultural water efficiency solution to the State of Uttarakhand in India and following this are in discussions with other states across India. In the UK, the use of our Control Flow HL2024 products for domestic water efficiency and net water neutrality programmes is progressing well and attracting wider interest. 

The challenge from climate change is widely recognised globally, as is the need to increase the resilience of our energy markets to dislocations such as that caused by Russia's attack on Ukraine. These challenges create further demand for the work we do. A stable legislative framework around climate change and fuel poverty is important for clients.

In response to the growing opportunities we are witnessing, we are also investing further in our capability, in particular in people, to enable the Group to deliver higher levels of activity in future years. This includes increasing our investment in training and development to bring forward the skills and experience of our people to enable us to deliver an even better outcome for our clients. This has also allowed us to manage the challenges in our supply chain. 

We continue to focus on delivering strong growth in energy and continued expansion of the water business's operations both in the UK and overseas. 

¹ Order Book defined as Contracted + Secured. Contracted = project contact issued and signed, with work started or ready to start. Secured = sum of a) tender process successful, awaiting project contract, and b) Directors' assumed win rate on Framework opportunities

For more information, please contact:

Eneraqua Technologies plc	Via Alma PR
Mitesh Dhanak, CEO	www.eneraquatechnologies.com
Iain Richardson, CFO
finnCap Limited - Nominated adviser and Broker	[phone]
Ed Frisby / Charlie Beeson - Corporate Finance
Andrew Burdis / Sunila de Silva - ECM
Alma PR - Financial PR and IR	[phone]
Justine James / Sam Modlin / Will Ellis Hancock	[e-mail]

Notes to editors:

Eneraqua Technologies (AIM:ETP) is a specialist in energy and water efficiency. The Group designs and delivers improved energy and water systems which utilise its wholly owned intellectual property, Control Flow HL2024.  Energy was the first market the Company entered and this is the larger sector, with the Company focused on clients with end of life gas, oil or electric heating and hot water systems. The Group provides turnkey retrofit district or communal heating systems based either on high-efficiency gas or ground/air source heat pump solutions that support Net Zero and decarbonisation goals.

Water is a growing service offering focused on water efficiency upgrades for utilities and commercial clients including hotels and care homes.  It has also expanded into agritech systems.

The activities in both areas are underpinned by the Company's wholly-owned intellectual property, the Control Flow HL2024 family of products which reduce water wastage and improve the performance of heating and hot water systems.

The Company's main country of operation is the United Kingdom. The Company's head office is in London with additional offices in Leeds, Washington (Sunderland), India, Spain and the Netherlands. The Company has 116 employees, with the majority employed within the UK. Eneraqua Technologies has received the London Stock Exchange's Green Economy Mark.

To find out more, please visit:  www.eneraquatechnologies.com

 

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