Energy Assets seeking more deals after surge

Acquisitive gas meter supplier Energy Assets is on the hunt for more takeover targets after revealing a 30 per cent jump in earnings for the first half.

The Livingston-based firm sponsor the town's football team: Livingston FC. Picture: SNS

The Livingston-based firm – which last month snapped up a data capture and analysis company in Chesterfield for £850,000 – said it wants to grow its market share across the gas and electricity sectors “both organically and by acquisition”.

Chief executive Philip ­Bellamy-Lee told The Scotsman: “There are a lot of niche players out there in the market that could be valuable for us, and there are opportunities in both gas and electricity for adding more contract wins.”

Energy Assets employs more than 150 people, of whom about 75 are based at its headquarters in Livingston. The firm, which floated in 2012, recently expanded its office to add space for a further 25 staff.

Results published yesterday showed pre-tax profits before one-off items swelled to £3.9 million in the six months to 
30 September, up from £3m a year earlier, with total revenues soaring 43 per cent to £16.9m.

Bellamy-Lee said the firm, which counts British Gas and Npower among its clients, would remain focused on the industrial and commercial sectors, and did not want to get “diverted” by pursuing the domestic market.

He added: “The second half of the financial year has started well and the group’s major contracts continue to perform strongly.”