28th Jul 2014 11:25
LONDON (Alliance News) - Energy Assets Group PLC Monday said total revenue for the three months to June 30 rose 53% to GBP8.4 million, from GBP5.5 million a year earlier, during what it called an "excellent" quarter.
The industrial and commercial gas metering service provider said recurring revenue in the three months to June 30 rose 45% to GBP5.5 million, from GBP3.8 million, with siteworks revenue up 71% to GBP2.9 million from GBP1.7 million.
At an operating level, the company signed a strategic agreement with British Gas Business (BGB) to install advanced meters for around 50% of BGB's industrial and commercial customers across the UK. These meters will have a 20-year contracted term which allows for an annual Retail Price Index price adjustment and provides opportunity for significant future growth to the Energy Assets long-term recurring revenue portfolio, the company said.
In April, the company completed the acquisition of BGlobal Metering Ltd for GBP2.3 million. Energy Assets said the acquisition is in line with the group's strategy to offer metering and associated energy services across a multi-utility platform and integration of this business is progressing well.
The company said it "delivered another quarter of excellent trading performance and is on course to achieve anticipated levels of growth."
"With our attractive business model, the opportunities arising from Government regulatory requirements and our reputation and relationships across our markets, we are confident of delivering continued future growth," Chief Executive Phil Bellamy-Lee said in a statement.
Energy Assets shares were quoted up 2.3% at 439.81 pence Monday afternoon.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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