World Energy Sales Up 55% In 2012
Matt Volpini
World Energy CEO Phil Adams
Worcester-based World Energy Solutions Inc. nearly doubled its sales in the fourth quarter of 2012, helping drive a 55-percent annual revenue gain compared to 2011.
The company brought in $31.8 million during the year, compared to $20.5 million in 2011. For the fourth quarter, revenue was up 91 percent to $10.2 million.
Fourth-quarter profits had a big impact. After World Energy lost $46,000 in 2011, it ended 2012 in the black. The company earned $7.5 million in the fourth quarter, bringing its year-end total to $5.3 million.
The company said its October acquisition of New England Energy Partners for $7.9 million drove sales in its energy procurement business.
CEO Phil Adams said the growth is the result of an expanded strategy that has brought World Energy beyond its energy auction business model.
"We have successfully evolved our solution set beyond auction-based energy procurement to the broader energy management space, while continuing to roll up our fragmented industry, supplementing organic growth with our NEP acquisition," Adams said.
The company's total backlog grew 33 percent to $46.5 million during the year and it ended 2012 with $3.3 million in cash and cash equivalents, up nearly two-fold from 2011.
Adams was recently recognized by the Worcester Business Journal as one of its Business Leaders of the Year. Click here to read a profile of Adams.
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