EVOLVE ENERGY SUPPLY LIMITED

Accounting basis

FRS 102

Reporting scope

Standalone (parent only)

Auditor

RSM UK Audit LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“At the time of approving the financial statements, the directors believe the group in which the company is a member is in a strong position to withstand any uncontrollable, external economic impact, as it did during the coronavirus pandemic and more recently the energy crisis. As part of its normal operating processes, where relevant throughout this period the Company has continued to engage with key stakeholders, including customers, suppliers and shareholders to ensure that risks to the Company and its stakeholders are mitigated to the fullest extent possible.The group management team regularly complete impact assessments and update group projections to ensure that the directors are in an informed position to react to any business risks and opportunities and to take any necessary actions. By maintaining a prudent hedging strategy combined with effective cashflow management, the directors feel that the Company is well placed to deal with any challenges.”

Significant events

• “Rebrand to Evolve Energy Supply Limited in October 2024 and execution of a long-term structured trading agreement with Shell Energy Europe Ltd (SEEL) in September 2024.”
• “Average monthly headcount increased by one-third during the year, with the average monthly headcount rising from 33 to 43.”
• “Achieved Silver Accreditation for Investors in People (IIP) shortly after year-end.”
• “Year-end trade debtor balance reduced by nearly one-third year-on-year, with overdue debt falling by almost two-thirds.”
• “EBITDA margin increased to 3.4% (2024: 2.5%), driving a 32% rise in EBITDA (pre-exceptionals) to £8.62m (2024: £6.54m).”
• “Exceptional costs were minimal at £0.03m, primarily relating to the SEEL agreement (2024: £0.29m).”
• “Revenue decreased by 2.5% to £250.8m (2024: £257.3m).”
• “Ordinary dividends were paid amounting to £10,000,000.”
• “Company acquired the share capital of PPAYA Limited on 19 December 2025, the share capital of which was subsequently acquired by PPAYA Bidco Limited on 5 February 2026. The Share Capital of PPAYA Bidco Limited is 50% owned by the Company.”
• “A fixed charge, containing a negative pledge, was granted in favour of The Royal Bank of Scotland PLC over an amount of £2,820,000 on 19 December 2023.”
• “A fixed and floating charge, containing a negative pledge, was granted on the tangible moveable property and all related rights of the company in respect of the structured trading agreement in place with Shell Energy Europe Limited on 25 September 2024.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

4

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.