‘Energy efficiency-as-a-service’ business eEnergy Group saw revenues on ‘lighting as a service’ (LaaS) grow by 235% in the six months to end December 2020, to £6.6 million, compared to the period to December 2019. Overall revenue grew by 125%.
The Group saw strong growth within the Academy and state school sector in the UK, where it started offering LaaS in July, in new markets including Northern Ireland, and through the acquisition of Renewable Solutions Lighting Ltd. During Covid 19 school closures allowing accelerated installations, it said, although the most recent lockdown had delayed customers’ decision-making in contracting for new business.
It highlighted increased demand in the market for the service proposition, where customers can fund carbon reduction through the energy savings delivered, without investing capital upfront. The Group completed 111 projects, a 95% increase on the six-month period to December 2019. The average contract value of each project was 50% higher than in 2019.
The Group generated net income (before exceptional items) of £0.1 million.
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