Eneraqua Technologies PLC on Thursday said it expects to swing to an adjusted pretax profit in the current financial year amid sound demand, as interim loss widened due to higher costs.

The London-based energy and water efficiency solutions company said pretax loss widened to £4.4 million in the six months to July 31, from £441,000 a year ago.

Revenue climbed 15% to £29.9 million from £26.0 million.

However, cost of sales increased faster, by 37% to £23.5 million from £17.2 million. Administrative costs were 13% higher at £10.1 million compared to £9.0 million.

Looking ahead, Eneraqua expects a return to profit in the second half of the current financial year 2025 ending January 31. Noting ‘strong’ demand, it anticipates to achieve adjusted pretax profit for financial 2025 in line with market consensus forecast of £2.5 million, compared to a loss of £6.0 million a year ago.

Chief Executive Officer Mitesh Dhanak said: ‘With a healthy project pipeline; the UK government’s increased focus on meeting net zero and building 1.5 million new homes over the next five years; together with nascent growth internationally, we remain confident in the ability of the group to deliver for its customers and shareholders alike.’

Eneraqua shares rose 2.6% to 39.00 pence each on Thursday morning in London.

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