Energy Assets powering ahead with maiden profit

By PETER RANSCOMBE
Published on 22/06/2012 00:00

Customers turning to smart meters to help them keep a closer eye on their costs helped Energy Assets, the Livingston-based gas meter operator, post a maiden profit at the higher end of expectations.

Underlying profits leapt by 53 per cent to £2.9 million in the year to 31 March on the back of a 32 per cent rise in sales to £12.7m. The cost of its flotation in March took a bite out of pre-tax profits, which fell to £200,000 from £2.4m.

Australian bank Macquarie Group – the firm’s previous owner – raised £15m from institutional investors, valuing the firm at about £57m. The stock dipped last month but has since staged a rally and is now valued at about £52m.

Macquarie has retained a 47 per cent stake, while institutional investors including Henderson, Investec and Old Mutual bought shares during the IPO.

Chief executive Phil Bellamy-Lee, one of the firm’s founders, said: “The financial strength of the group has been significantly increased by our listing. We now have a solid platform to take advantage of these favourable market opportunities.”

Julian Cater, an analyst at house broker Canaccord Genuity, noted: “Trading in the first two months of the new financial year has been in line with management’s expectations.”