eEnergy: Equity Development
H2 has started well, with a quarterly revenue record in Q3 (£9.2m). Revenue expectations for the remainder of FY’24 are underpinned by a contracted order book of £7.6m at the end of September, £6.4m of which is expected to convert to revenue in the current year. The Board has maintained its revenue guidance of between £25m and £26m. We trim our forecast to the bottom of this range (previously £25.5m) and apply an element of caution to margins and cash generation, noting some risk over timing. As a reminder, our forecasts do not include the potential benefit of deferred consideration from the EM disposal, which management estimates at between £8m and £10m over the next two years.
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