Pinergy, the smart energy provider delivering clean electricity, is continuing to show strong year on year revenue growth of 22% (to €38.4 million for the year ended 31 December 2019), allied to a stable cost-base. Pinergy’s improved business performance has been attributed to its entry into the commercial energy supply market and its focus on supplying energy with insights using its smart energy technology solutions. The company is building a growing portfolio of customers across both residential and various commercial sectors, developing a strong presence in the food and agriculture, commercial property management, private rental, retail and hospitality sectors.
During both 2019 and into 2020, Pinergy has launched a number of new Smart Energy offerings for its customers from a range of Smart Electric Vehicle (EV) charging solutions to Pinergy Lifestyle, a new insight-led supply solution for the domestic market. Pinergy has also invested in its brand positioning and long-term growth in the commercial marketplace. The business continues to build scale, remaining resilient despite the challenges of COVID-19 for both the economy and society.
For 2019, Pinergy has reported EDITDA (earnings before interest, tax, depreciation and amortisation) positive of €281k on sales of €38.4 million for the 12-month period ended 31 December 2019, which is a significant improvement on the EBITDA loss of €3.3m reported for the previous financial year. After tax, losses reduced year on year by 64% to €4.6m.
Enda Gunnell, CEO of Pinergy said that the 2019 financial results are in line with expectations and the positive EBITDA number marks a significant milestone for the business. “Overall, we are very satisfied with business performance in 2019 and into 2020 despite the obvious challenges of COVID-19. Achieving profitability last year is a function of building critical mass. We are confident that our strategy and customer-led solutions are very relevant to the current economic, environmental and sustainability narrative.”
According to Gunnell, “Pinergy’s approach to the market will continue to be an advisory led, relationship-based energy supply proposition. We believe energy is a resource, not a commodity, and we are committed to help deliver a more sustainable energy future through empowering our customers to monitor and manage consumption through our smart technology tools.”
Today, Pinergy supplies 100% renewable electricity to business and domestic customers which is close to the equivalent of 60,000 Residential customers across Ireland with a range of technology-enabled solutions on both pre and post-pay platforms. All customers have access to insights on their energy consumption with many of Pinergy’s customers enjoying the benefits of smart energy including energy waste reduction, lowering their energy costs and becoming more energy efficient.