9 December 2019
Pinergy, the smart energy provider, has reported sales of €31.5 million for the 12-month period ended 31 December 2018, up 22% on the previous financial year. The business is now forecasting further sales growth of 24% in 2019 with Pinergy set to return a positive EBITDA in 2019. This will mark significant progress from the negative EBITDA of €3.3 million reported in the 2018 financial accounts.
In 2018 the business focused its efforts on entering the commercial energy market and the results therefore reflect the investments required in this realignment. Margins also suffered due to unusually inflated wholesale energy costs across 2018. The business has also reported an exceptional depreciation charge on domestic analogue energy assets amounting to €5.5 million which is reported on the 2018 income statement.
Enda Gunnell, CEO of Pinergy said that the 2018 financial results continue to reflect a solid performance for the company with good growth in revenue as the business builds out its footprint across the entire energy sector. “2018 marked another year of continued revenue growth amid significant investment as we transitioned the business into commercial energy supply with the rollout of our unique Pinergy Smart Business offering.”
In 2019, Pinergy continued its focus on launching innovative new propositions to the market including customised solutions for Electric Vehicle charging. In addition, Pinergy transitioned its electricity supply to 100% renewable sources for all its customers enabling them to be more sustainable in their own homes and businesses.
Since its launch in 2013, Pinergy has evolved from a solely domestic ‘Pay As You Go’ energy supplier to today where it is positioned as the leading smart, green energy provider with close to 50,000 customers across commercial and domestic sectors. Many of Pinergy customers are enjoying the benefits of smart energy including energy waste reduction, lowering their energy costs and making their businesses & homes more energy efficient.
Commenting of the trading outlook for Pinergy, Gunnell said: “2019 is proving to be a pivotal year in the evolution of Pinergy with 40% of our revenue, now attributed to commercial energy supply. We will deliver year-on-year revenue growth of over 20% for 2019 and beyond. Our business will become EBITDA positive which represents a significant milestone in our story to date. With strong shareholder support, an excellent team and a unique service offering based around smart energy technologies for a more energy savvy and environmentally responsible customer base, the future is looking bright for Pinergy.”