12th Nov 2013 13:01
LONDON (Alliance News) - Energy Assets Group PLC Tuesday said pretax profit rose 82% in the first half of its financial year, buoyed by an acquisition and increased gas metering sales, and said the second half of the year had also got off to a strong start with major contracts performing well.
The industrial and commercial gas metering services company in the UK said its pretax profit increased to GBP2.8 million for the six months ended September 30, from GBP1.5 million the previous year, as sales rose 55% to GBP11.8 million from GBP7.6 million.
The company incorporated EA Energy Solutions Ltd, which it acquired in October 2012.
Energy Assets Group said its metering portfolio owned and installed has increased by 14% to 92,500 since the end of its last financial year, and by 27% since September 30 when the portfolio was circa 73,000 assets.
However, the company said its cost of sales increased to GBP5.0 million from GBP3.0 million and its administrative expenses increased to GBP2.5 million from GBP1.5 million, as salary and staff costs rose following the acquisition.
Energy Assets Group shares were up 3.7% to 351.67 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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