Energy Assets says outlook bright as profits soar

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Gas meter supplier Energy Assets has reported a jump in profits for the first six months of the year and said it was confident of picking up more work from the major suppliers.

The Livingston-based firm, which counts the likes of British Gas and Dong Energy among its customers, posted a pre-tax profit of £2.8 million for the six months to 30 September, up from £1.5m a year earlier, as total revenues soared 55 per cent to £11.8m.

Energy Assets operates meters for industrial and commercial (I&C) gas users and said its portfolio of installed units has risen by 14 per cent since the start of the year to about 92,500, and it now provides services to 28 gas suppliers.

Chief executive Phil Bellamy-Lee said: “The second half of the financial year has started well and our major contracts continue to perform strongly.

“The group’s respected brand and reputation continues to put us in a good position to develop relationships with other major gas suppliers and to seek future opportunities within the UK I&C gas market.”