Pinergy reports continued Year on Year revenue growth to €78.7 million but experiences operating losses due to market turmoil
Pinergy, the smart business electricity suppliers in Ireland reports.
Pinergy, the smart clean energy supplier and solutions business, has reported revenues of €78.7 million for the year ended 31 December 2021. This represents growth of 73% on the previous year which the company attributes largely to a growing base of customers on their energy supply, up 22% year on year and higher energy consumption levels among its business customers following the staggered re-opening of the economy after the lockdowns of 2020.
Rising energy prices reluctantly passed on to customers following the significant increases in the wholesale cost of electricity (up 247% in 2021) was also a key contributory factor reflected in the growth in turnover.
As expected, 2021 was a very difficult year for Pinergy with the business having to grapple with significant market turmoil resulting from the twin challenges of managing the business through the COVID pandemic and the emerging energy crisis. This unprecedented volatility impacted negatively on Pinergy’s profitability, reporting an EBITDA (earnings before interest, tax, depreciation and amortisation) loss of €7.1 million for the 12-month period ended 31 December, 2021, compared to an EBITDA profit of €1.6 million reported for the previous financial year.
As an independent energy supplier without the benefit of electricity generation, Pinergy are more exposed to the uncertainties and volatility in the wholesale markets. In response, the business has been actively engaging with policy makers and regulators throughout 2021 and into 2022 seeking market reform to ensure a fair, competitive and sustainable energy market is delivered for the benefit of consumers/businesses and in line with supporting Ireland’s Climate Action targets.
Pinergy continues to build a unique business model focused on delivering a range of sustainable energy advisory services & solutions for its customers across the country. Pinergy’s acquisition last year of a majority stake in Solar PV and energy storage specialist, Solar Electric Ireland, now rebranded Pinergy SolarElectric, enhances the business model further helping customers to generate power for their own usage, enabling them to store electricity and sell excess energy back to the grid.
Commenting on its latest reported set of financial results, Enda Gunnell, CEO of Pinergy said: “Overall, we are satisfied with the growth of the business in 2021, but frustrated with the financial performance given the very difficult & unprecedented trading conditions, which have negatively impacted on our profitability targets. We continue to build a robust and resilient business, based around added value through our brand promise of ‘Energy with Insight’ delivered via our Supply, Analyse and Advise offering, which has the backing of supportive shareholders.”
He added: “The business continues to lead innovations in the Irish energy market to meet the sustainability needs of our customers, not only through data-led supply of electricity, but by also advising our customers on their long-term energy needs such as micro-generation, specialist monitoring software & smart electric vehicle charging. The team at Pinergy is committed to continuing to grow a strong business for the long run, that enables the energy transition, despite the current challenges. We are optimistic about delivering improved results for 2022 and beyond.”
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