9th Jun 2015 08:58
LONDON (Alliance News) - Energy Assets Group PLC Tuesday said its pretax profit significantly rose in the last financial year as new acquisitions and contracts, alongside organic growth, substantially improved the company's financial performance.
Energy Assets, which provides energy metering services to the UK commercial sector, reported a large rise in pretax profit to GBP7.5 million for the year ended March 31, compared to a GBP4.8 million profit a year earlier, as revenue increased to GBP36.2 million from GBP24.2 million.
Earnings before interest, tax, depreciation, amortisation and exceptional items came in at GBP19.4 million, up 19% from GBP15.0 million.
Revenue rose by 50% due to several acquisitions in the year improving the company's performance, consisting of Bglobal Metering, Origin Technical Business Service Ltd and SA Gas Engineers Ltd. Recurring revenue for the year rose by 38%, and accounted for 64% of the company's total revenue in the year.
"We have successfully integrated three new acquisitions into the group which have facilitated expansion into the electricity market, provided control of industry leading systems and expertise, and have significantly extended the group's operational capability and expanded the range of increasingly sophisticated services provided to link the gas network to the customer's usage point," said Chief Executive Philip Bellamy-Lee.
Energy Assets secured new contracts in the period with British Gas Business, part of Centrica PLC, The Pirbright Institute, BES Utilities, nPower and CityWest Homes for a variety of meter and gas infrastructure installations, project management and data collection services.
"The new financial year has started well across the business, we are on track to deliver another year of sound operating and financial performance in 2015/16, and we continue to look to the future with confidence," said Chairman Christopher Masters.
Energy Asset shares were up 2.6% to 578.37 pence per share on Tuesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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