Energy Assets upbeat after Q1 revenues jump

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Gas meter supplier Energy Assets today said it was confident about its prospects after enjoying a 53 per cent surge in first-quarter revenues.

In a trading update, the Livingston-based firm reported total revenues of £8.4 million for the three months to 30 June, up from £5.5m a year ago.

The group, which last week secured a deal to install meters for about half of British Gas’s industrial and commercial customers in the UK, said its owned and managed portfolio had almost doubled to about 323,000 assets since the start of its new financial year, helped by the £2.3m acquisition of electricity meter specialist BGlobal Metering.

Chief executive Phil Bellamy-Lee said: “The new financial year has started strongly, all segments continue to grow and the group is on track to deliver another year of good operating and financial performance.”