10th Jun 2014 10:28
LONDON (Alliance News) - Energy Assets Group PLC Tuesday said its pretax profit more than doubled in its full-year as revenues grew due to its expanding meter portfolio and the integration of EA Energy Solutions Ltd.
The industrial and commercial gas metering services company said its pretax profit increased to GBP6.0 million for the twelve months ended March 31 from GBP2.9 million the previous year as revenues increased 34% to GBP24.2 million from GBP18.0 million.
The company said its revenues increased as its metering portfolio which is owned and installed increased by 25% to 101,000 assets from 81,000 previously and its Siteworks business increased revenues by 28% to GBP7.3 million.
Energy Assets also said its increased revenues were driven by the successful integration of EA Energy Solutions, which was acquired in October 2012.
However, the company did note that its cost of sales increased to GBP9.8 million from GBP7.3 million and its administrative expenses increased to GBP5.2 million from GBP4.6 million, limiting its profits.
Energy Assets completed the takeover of BGlobal Metering Ltd in April for GBP2.3 million and it said that the new financial year has started strongly, with all divisions trading well and another year of strong operating and financial performance expected.
"The BGM acquisition enables Energy Assets to expand its presence into the electricity sector and is a significant step in the delivery of the Group's strategy to offer services across a multi-utility platform," Chief Executive Phil Bellamy-Lee said in a statement.
"With the combination of opportunities arising from Government regulatory requirements and our relationships with energy suppliers and the wider market we are confident of delivering our long term growth strategy," he added.
The company said that at March 31, it had available facilities with its funding partners totalling GBP39.0 million and cash at bank of GBP7.9 million.
Energy Assets Group shares were up 5.5% to 343.00 pence on Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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