EnergyOne Posts Increased Revenues and Sees Major European Contribution from Contigo
EnergyOne, the parent company of Contigo and eZ-nergy, has had a very good year especially given the background of COVID and so on, Mr. Simon Wheeler told me last week when we spoke. Its’ financial year wrapped up at the end of June and its annual report shows a 28% uptick in revenues and 23% increase in earnings. Some 44% of the groups’ revenues now originate in Europe and, according to that report, “The UK business has grown beyond our original expectations, producing revenue of $8.7M and EBITDA of $1.6M (upon acquisition, we noted ‘first full year’ forecasts of $8.5M and $1.25M respectively). This result indicates not only the quality of the business but also the benefits gained from integration.”
Contigo is exceptionally busy with two ‘very large’ implementations, Simon told me. Additionally, it has implemented Crown Commercial Services and continues to see a lot of interest through the door. “Tier one businesses are moving away from building homegrown solutions and just not looking at the some of the larger platforms,” he told me. “Contigo ticks all of their boxes and we can get them live with all the basics very fast while delivering add-ons later.” He says that it is involved in many on-going tenders while eZ-nergy is also getting good flow for its product as well. “The relationship with eZ-nergy has already been a significant factor in our ability to win larger deals,” he said.
To manage all of the demand, Contigo is recruiting and has hired several new developers already as well as additional staff in support. “A lot of demand is also coming from existing customers,” he told me. Work on the new Monte Carlo VaR module proceeds and it is due for release by end of 2020. “We have a number of customers lined up to take it already,” he said.
Meanwhile, he remains optimistic and hopeful about eWorld next year. Work is being done on the Contigo booth to incorporate eZ-nergy, he said and “we are all looking forward to an ability to network again at some point.”
