Energy Assets unveils soaring quarterly revenues
The Livingston-based firm, which last week teamed up with metering giant Elster to jointly develop products, said revenues during the three months to 30 June grew to £5.5 million, an increase of 49 per cent on the same period last year.
Its portfolio of owned and managed meter rose 7 per cent to about 86,500 units, spread across 28 gas suppliers.
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Hide AdEnergy Assets, which saw its underlying pre-tax profits grow 34 per cent to £3.9m last year, also said it has one of the largest portfolios of smart gas meters in the industrial and commercial (I&C) market, with more than 54,000 units that deliver automated readings for customers.
Chief executive Phil Bellamy-Lee said: “First-quarter trading has been very encouraging, showing our continued pattern of growth. The group continues to expand its I&C metering portfolio and increase its market share in line with its primary strategy.”
Bellamy-Lee said Energy Assets had £8.8m of cash in the bank at the end of June, and the company remained confident of being able to win new work among the major gas suppliers.
He added: “The group remains well funded and we are confident that our attractive business model will secure continued growth into the future.”