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eEnergy reports wider losses for 2019; says installation delays to push revenue in 2021

By BFN News | 09:31 AM | Tuesday 30 June, 2020


Energy Efficiency-as-a-Service business eEnergy reported a wider loss for 2019, and said a delay to planned installations in schools would push revenue into its next fiscal year. 'With many schools managing the complexities of pupils returning following the easing of the lockdown, some planned installations have been delayed to July and August,' the company said. 'More of the revenue from these contracts, previously expected in June, will now be recognised in the financial year ending 30 June 2021,' it added. Unaudited revenues for the full year ended 30 June 2020 were expected to be €5.1m, up from €4.5m on-year. The uptick in revenue was helped by a strong quarter to the end of June on increased contract wins since April. For the quarter ended 30 June 2020, the company expected to report revenue of €2.1m, an increase of over 40% compared to the comparable quarter of the prior year. Since April, the business had secured 18 contracts with schools in the UK and Ireland., with a total contract value of €1.6m. For the year ended 31 December 2019, the company reported a loss of €615K, wider than last year's €513K. At 9:31am: (LON:EAAS) share price was -0.38p at 6p Story provided by StockMarketWire.com

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