For the year ending March 31, it reported earnings before interest and tax of 4m pounds ($7.3m), compared with a 369m pounds ($673.8m) loss recorded the year before. The result was achieved by a combination of cost-cutting and some big contract wins. During the period, the company reported a pre-tax loss of 38m pounds ($69m) before exceptionals. However, revenue declined to 745m pounds ($1.36bn) from 770m pounds ($1.4bn).
Commenting on the results, chairman Archie Norman said: Today Energis is fully-funded, profitable and generating cash. We have delivered our first ever profit. This is a milestone in the Energis journey and a clear sign that we are building a strong and commercially robust business.
Yet despite the profit, chief executive John Pluthero said the company’s recovery was still at an early stage. A flotation of the business would not be considered for at least 12 months, he said.
We are under no pressure from our shareholders, Pluthero said. We’re not thinking about listing; and you wouldn’t want to list a business in this market anyway.
Energis’s high level of debt is the main obstacle to a flotation. Analysts estimate that the company would be worth about 700m pounds ($1.27bn) if it had no borrowings.
Energis is controlled by a consortium of 15 banks including Royal Bank of Scotland and Barclays.
