Contigo’s parent company, Energy One Limited, has announced strong financial results for the Energy One Group for FY21.
Despite the challenges of a global pandemic, FY21 saw the Group’s profits increase for the eighth consecutive year, demonstrating the successful execution of its long-term strategy of diversifying its product offering, growing its customer base and growing via acquisition.
Revenue for FY21 was up by 35% and recurring revenue is greater than 80% across the whole group.
In Australia, revenue increased 13% over the year, and EBITDA* increased 18%, which is a pleasing result given the maturity of the market and Energy One Limited’s large market share.
Its European businesses – Contigo Software and eZ-nergy – now represent 54% of the Group’s revenue, compared to 44% in FY20.
For Contigo, the business delivered 17% organic revenue growth over the last year and improved EBITDA by 40%. Meanwhile, eZ-nergy’s revenue tracked ahead of forecasts, and combined, the two companies successfully won – and delivered – its first joint customer as part of the Energy One Group.
Rapidly changing energy markets are presenting the Energy One Group with new opportunities to grow.
The growing share of green distributed power generation increases the complexity in both the European and Australian energy markets. Furthermore, the two-sided market (where users also nominate) is active in Europe and is coming to Australia.
Looking to the future, Energy One intends to launch a new product offering to address this rapidly growing market by selling software with a service, by expanding the types of services currently provided by eZ-nergy. In addition, the Group acknowledges that, thanks to enFlow – its process automation and optimisation software – it is well-placed to automate manual operations on behalf of customers.
In the meantime, for Energy One Limited, its work on the 5 Minute Settlement (5MS) market is now complete. The new market is due to commence in Australia in October this year and many of its customers have already upgraded.
Commenting on Energy One Group’s FY21 results, Contigo CEO, Simon Wheeler, says: “As European CEO, I’m incredibly pleased with the announcement of the FY21 results, which place us in a very strong position.
“As we look ahead to FY22, the Energy One Group will continue to execute its long-term strategy and focus on leveraging its technologies and skills. Pleasingly, we are starting to see the easing of travel restrictions in Europe, and at Contigo and eZ-nergy, we are looking forward to meeting face-to-face with the European energy trading community at E-world 2022.”
*EBITDA – Earnings before interest, taxes, depreciation and amortization