Energy Assets earnings surge on sales boost

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Gas meter specialist Energy Assets today posted a jump in full-year profits, helped by a surge in revenues as it picked up more contracts.

The Livingston-based firm secured a raft of new deals during the past year, including a contract in July to install advanced meters for about half of the industrial and commercial customers of British Gas Business in the UK.

Total revenues for the year to 31 March soared 50 per cent to £36.2 million, helping to drive a 33 per cent jump in pre-tax profits before one-off items to £8.9m.

Chief executive Phil Bellamy-Lee said: “The group’s position is strong and with the combination of opportunities arising from government regulatory requirements and our relationships with energy suppliers and the wider market we are confident of delivering our long-term growth strategy.

“The new financial year has started strongly, all segments continue to grow and we are on track to deliver another year of strong operating and financial performance.”