- In its FY21 results, Energy Action has reported that its Metric sales reached their highest point in five years during the year, up 20% from the prior corresponding period.
- The results show that the group revenue for the full year is 27% less compared to the prior period.
- Energy Action has stated that it would continue to invest in technology and remain focused on reducing operational expenses.
In its financial report for the year ended 30 June 2021, the ASX-listed Energy Action Limited (ASX:EAX) has reported that its Metric sales reached their highest point in five years during the year, up 20% from the prior corresponding period.
The energy Company has reported an operating loss of AU$0.42 million, down from the $0.02 million operating profit reported in the prior corresponding year.
The Company has reported group revenue for the full year of AU$14.36 million, which is 27% less compared to the prior period.
Key points from the FY21 results include:
- Operating overheads (net of significant items) and COGS totalled AU$14.1 million. This was 22% less compared to AU$18 million in FY20.
- The reduction in operating costs has partially offset the decline in revenue, resulting in a decline in EBITDA margin to 1.9%, down from 8.9%.
- Total revenues declined by 27% versus the previous period. This suggests - Energy Buying revenue declined 16%, Energy Management declined 32%, and Other revenues declined 97%.
- Operating Cash flow was AU$0.06 million, down 103% on pcp, resulting in an operating cash flow conversion of -21% to operating EBITDA.
- Net debt increased to AU$4.73 million as of 30 June 21, indicating an increase of AU$1.54 million over pcp.
The announcement also revealed that during FY21, the Company and Commonwealth Bank of Australia agreed to an extension of the AU$7.55 million facility agreement to October 2023.
In its Financial outlook FY22, Energy Action said that it would continue to invest in technology and remain focused on reducing operational expenses.
The stock EAX last traded at AU$0.315 per share on the ASX.
The Energy Company maintained that its revenue has been impacted by COVID-19 as clients deferring decisions, especially in Victoria with the prolonged lockdown. Besides, the Group has abstained from providing Guidance due to the prolonged and unclear impact of COVID-19.