10th Nov 2015 09:35
LONDON (Alliance News) - Energy Assets Group PLC on Tuesday said its pretax profit surged in the first half thanks to higher revenue following a strong performance across the business.
The group, which provides gas metering services to industrial and commercial clients, said its pretax profit for the half to the end of September rose 26% to GBP4.8 million from GBP3.8 million a year earlier.
Total revenue for the group rose to GBP20.6 million, up 22% from the GBP16.9 million it made a year earlier. Recurring revenue from its meter and data asset portfolio rose 15% to GBP12.7 million, while revenue from its Siteworks business rose 34% to GBP7.9 million.
Energy Assets said its owned and managed meter and data asset portfolio increased 11% in the half from the start of the financial year to around 404,000. It is also now generating increased installation rates on the contract it signed with power company British Gas in July 2014, in line with its expectations.
Energy Assets said the second half of the year has started well, and it expects to make further progress in the current financial year.
"The results for the first half of the financial year show a continuation of the excellent growth and success Energy Assets has achieved in recent years following another period of strong trading activity," said Phil Bellamy-Lee, Energy Assets' chief executive.
Energy Assets shares were up 6.5% to 495.00 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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