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Technology company Inspired said it expected revenue to top market expectatons for the full-year, driven by record growth in its energy optimisation in the fourth quarter of the year.
For the financial year ended 31 December 2021, revenue was expected to be above market expectations and 48% higher than 2020's £46.1 million.
Adjusted EBITDA - earnings before interest, taxation, depreciation and amortisation, excluding exceptional non-recurring items and share-based payments - was expected to be 55% higher than 2020's £12.8 million.
'This was driven by the energy optimisation division gaining momentum through the second half of the year, delivering a record revenue quarter for the division in Q4 2021,' the company said.
'At the time of the half-year results, the group referenced an increase of £5.3m in trade receivables in that period, the majority of which related to delayed payments from a small number of significant [energy] optimisation customers, predominantly in the public sector,' it added.
'70% of this balance has been received so far, and measures are in place to recover the remaining 30% during H1 2022.'