Profits spark up at gas meter group Energy Assets

Energy Assets chief executive Phil Bellamy-Lee
Energy Assets chief executive Phil Bellamy-Lee
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Energy Assets, the Livingston-based gas meter supplier, today posted a surge in half-year profits.

The firm, which focuses on industrial and commercial (I&C) power users, said pre-tax profits for the six months to the end of September jumped 26 per cent to £4.8 million.

Revenues rose 22 per cent from a year earlier to stand at £20.6m, helped by an 11 per cent increase in the size of its owned and managed portfolio of meters and data assets to about 404,000 units.

Chief executive Phil Bellamy-Lee said that Energy Assets, which has deals with major suppliers including British Gas Business and Npower, has also made a good start to the second half of its financial year, with its metering and data contracts performing “strongly”.

He added: “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.

“Our strong supply chain relationships, engineering competence, experienced management team and focus on quality continue to differentiate us from our competitors as we strive towards being the supplier of choice for customers within the UK I&C sector, enabling achievement of our primary objective to be the largest independent provider of I&C energy metering services in the UK.”