Locality Planning Energy (ASX:LPE)
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.
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