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Calisen narrows FY pre-tax losses on improved revenues

Tue 02 March 2021 09:36 | A A A

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(Sharecast News) - Energy company Calisen said on Tuesday that pre-tax losses had narrowed in 2020 thanks to some solid revenue growth.

Pre-tax losses improved 79.1% to £17.2m on the back of an 18.8% jump in revenues to £248.1m driven by a growth of 800,000 revenue-generating smart meters in 2020.

Underlying earnings increased 8% to £187.9m, while funds from operations grew 14.5% to £155.6m.

Calisen stated that while Covid-19 had delayed smart meter installations in 2020, the pandemic had not changed its expected total portfolio figure for the roll-out of 13.2m.

Chief executive Bert Pijls said: "We have substantial embedded growth in our meter pipeline, which has been contracted but not yet implemented, and there are exciting longer-term opportunities internationally and in adjacent asset classes, most immediately in EV charging.

"Overall, we remain well placed to achieve our purpose of accelerating the development of a cleaner, more efficient and sustainable energy segment."

As of 0935 GMT, Calisen shares were down 0.077% at 260.70p.

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