Calisen increases revenue despite pandemic delay to installations
Energy company Calisen has increased its full year revenue to nearly £250m even after the suspension of installations during the first lockdown.
The smart meter company said it had installed a total of 9.1m meters by the end of 2020 comprising 6m smart meters and 3.1m traditional meters. It pushed revenue 18.8 per cent higher to reach £248.1m while its losses slimmed down to £17.2m.
Chief executive Bert Pijls said the pandemic had “provided an unexpected test… but one which the group passed well.”
Covid-19 delayed smart meter installation but Calisen said it had not changed the expected total portfolio at the end of the smart meter rollout, which amounts to 13.2m meters.
Because of the delay to non-essential smart meter installations between March and June of last year, capital expenditure was “materially lower than expected” which translated into lower revenue and cash flow.
However this was partially offset by a lower than expected number of traditional meter removals which continued to produce revenue and cash flow through the period.
The first lockdown occurred just a month after the firm made its market debut in London. In December the group announced it had received an offer from Coyote Bidco, a newly incorporated consortium of investors, to take the group back private.
The offer, which values Calisen at £1.43bn, was recommended by the board.
Calisen has not proposed a dividend for the year ended 31 December 2020.