(Alliance News) - Inspired PLC on Wednesday reported a swing to a yearly loss amid an increase in costs, though it struck an optimistic tone for the future.

The Preston, England-based energy advisory and sustainability services provider said it swung to a pretax loss of GBP4.0 million in 2022, from a profit of GBP1.1 million a year prior. Revenue grew 31% to GBP88.8 million from GBP67.9 million.

However, cost of sales ballooned 80% to GBP31.1 million from GBP17.2 million. Administrative expenses increased 22% to GBP58.5 million from GBP47.8 million.

The loss due to fair value of contingent consideration ballooned to GBP10.9 million from GBP4.7 million. Cost relating to origination and reversal of temporary differences increased to GBP1.6 million from GBP542,000. Meanwhile, finance expenditure increased to GBP3.1 million from GBP1.9 million.

The company declared a final dividend of 0.14 pence per share, up slightly from 0.13p a year ago. This brings the total payout for 2022 to 0.27p per share, up 8.0% from 0.25p.

Looking ahead, the company said it entered 2023 with considerable momentum across the business. It noted "a substantial addressable market, high profile clients, and a high-quality business model driving growth in revenue, adjusted earnings before interest, tax, depreciation and amortisation, and cash generation".

Inspired said it has confidence in long-term growth and success.

Inspired shares were 5.3% higher at 10.79 pence each in London on Wednesday afternoon.

By Tom Budszus, Alliance News reporter

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