Locality Planning Energy (ASX:LPE) FY21 Trading Update and Preliminary Results
PR Newswire
Sydney, Jul. 20, 2021 /Medianet/ --
FY21 Trading Update and Preliminary Results:
Highlights:
- 10,000 customer milestone for FY21 achieved, meeting guidance
- Revenues increased by 27% to $55 million for FY21, from $42m for FY20
- Gross profit increased by 163% to $14 million, from $5.7m in FY20
- Net profit of $1 million achieved for FY21
- LPE financials and fundamentals significantly improved on FY20
Locality Planning Energy Holdings Limited (ASX: LPE) (the “Company” or “LPE”) is pleased to provide
shareholders and investors with its June FY21 trading update and preliminary results. The Company has
achieved strong results with growth achieved across all key financial metrics. Customer guidance has been
met, with the Company adding over 10,000 customers during FY21, increasing LPE’s total customers to over
41,000.
The Company also achieved significant financial gains during FY21, including a maiden net profit, whilst
concurrently maintaining low operating costs of $11.8m for FY21, a mere 8% increase despite the strong
revenue growth of 27%. The strong performance is attributed to numerous factors including gains from the
change in fair value of derivatives, used to hedge the Company’s cost of wholesale electricity impacting Gross
Profit and the successful implementation of the broad efficiency improvement program which was completed
in 2020. The preliminary, unaudited results show a material improvement on FY20 as shown in the table below.
Commenting on the preliminary results LPE Chairman, Justin Pettett, said:
“We’re proud to deliver such
robust results to shareholders. The Company’s maiden net profit represents just the beginning of the delivery
on our vision for the Company. We have an extremely dedicated team led by highly experienced, competent
and committed management and we look forward to building on these results into FY22, as the Company
begins to deploy its unique, and exclusive shared solar product to strata communities throughout Queensland
and New South Wales.”
These results are preliminary and subject to review by the Company’s auditors. The Board of Directors will
provide shareholders with the FY21 Audited Annual Report in August 2021.
Authorised by the Board.
- ENDS -
Jane Morgan
Investor and Media Relations
