Energy Assets sees full-year profits double

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Gas meter specialist Energy Assets today said its annual profits doubled last year and it was poised for further growth after expanding into the electricity sector.

The Livingston-based firm, which announced a £2.3 million deal to buy electric meter supplier BGM in April, reported a pre-tax profit of £6m for the year to 31 March, up from £2.9m a year earlier, on revenues 34 per cent higher at £24.2m.

The acquisition of BGM boosted the number of meters under the group’s management to about 161,000, and it now retrieves data from about 152,500 meter points across the combined gas, water and electricity sectors.

Chief executive Phil Bellamy-Lee said: “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.”