11th Nov 2014 10:56
LONDON (Alliance News) - Energy Assets Group PLC posted Tuesday an increase in pretax profit in the first half on the back of a rise in revenue, boosted by a rise in recurring revenue and a good performance in its Siteworks division.
The company said its pretax profit increased 36% to GBP3.8 million in the half year to the end of September from GBP2.8 million last year. That came on the back of a 43% jump in revenue in the period to GBP16.9 million from GBP11.8 million a year ago.
Recurring revenue for the company from its gas meter and data asset portfolio rose 39% in the period to GBP11 million from GBP7.9 million last year, representing 65% of its total revenue.
Revenue also increased strongly in its Siteworks services arm, up 51% to 5.9 million in the half-year.
The group said the second half of its year has started well and said its major contracts are continuing to perform well.
"The underlying business continues to perform well and we remain confident of gaining new work with other major utility suppliers," said Energy Assets Chief Executive Officer Phil Bellamy-Lee.
"Our strong supply chain relationships, engineering competence, experienced management team and focus on quality continue to differentiate us from our competitors which, combined with the opportunities arising from Government regulatory requirements, put us in a strong position to deliver our long term growth strategy," he added.
Energy Assets shares were down 3.5% to 464.26 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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