22nd Jul 2015 09:05
LONDON (Alliance News) - Energy Assets Group PLC Wednesday said it delivered "another strong quarter" which was in line with management expectations and "significantly ahead" of the previous year which indicates the company is set to grow in the current financial year.
The independent provider of industrial and gas metering services in the UK, which also provides utility infrastructure services, electricity metering and data services, said total revenue in the first quarter ended June 30 was GBP10 million, up 19% from GBP8.4 million a year earlier.
Recurring revenue was also up by 13% to GBP6.2 million from GBP5.5 million, meaning it accounted for 62% of the total revenue figure.
"On behalf of the board, I am delighted to report that we start the financial year with another period of strong activity. Demand for the installation of advanced utility meters and related services remains high and continues to be driven by regulatory requirements," said Energy Assets Group.
At the end of June, the company owned and managed a meter and data asset portfolio of 382,000 assets, up 5% from the 365,000 assets at the end of March 2015 after "all existing major contracts" across gas and electricity contributed to that growth.
"The three new businesses acquired in the previous financial year, Bglobal Metering, Origin and SA Gas, are performing well under Energy Assets management and are now fully integrated into the group," said the company.
"Performance to date in the current financial year is as expected and the board is pleased with the progress of each of these businesses," it added.
At the end of June, Energy Assets Group had a cash balance and available facilities of GBP33.9 million.
"Performance in the first quarter indicates that the group is on track to deliver another year of solid growth," said Chief Executive Phil Bellamy-Lee.
Energy Asset Group shares were up 0.7% to 533.75 pence per share on Wednesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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