Inspired PLC on Monday declared a higher interim dividend despite a significantly lower profit due to increased costs, as it hailed its environmental, social & corporate governance services unit.

The Preston, Lancashire-based England-based energy advisory and sustainability services provider said pretax profit in the first half of 2023 fell 92% to £190,000 from £2.4 million a year prior.

Revenue rose 10% to £44.6 million from £40.5 million.

However, administrative costs increased 24% to £28.8 million from £23.2 million, while finance expenditure ballooned 70% to £2.1 million from £1.2 million. Further, Inspired reported a loss from a change in fair value of contingent consideration of £3.8 million, compared to £943,000 a year prior.

Despite the profit decline, the company declared an interim dividend of 1.40 pence per share, up 7.7% from 1.30p.

Looking ahead, Chief Executive Officer Mark Dickinson said: ‘Whilst the economic backdrop continues to present risks, our solid first-half performance, strong market position and unique ability to support customers across a wide offering, provide us with confidence for H2 and beyond.’

Further, the company said it was confident in delivering market consensus for 2023, boosted by a ‘strong momentum’ in its environmental, social & corporate governance services. It had delivered 98% organic revenue growth year-on-year in the first half of 2023, to £2.4 million from £1.2 million.

Inspired shares fell 5.0% to 86.00 pence each on Monday morning in London.

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