Energy Assets unveils soaring quarterly revenues

Gas meter supplier Energy Assets today said it was confident of delivering continued growth as it reported a jump in revenues for the first quarter.

The Livingston-based firm, which last week teamed up with metering giant Elster to jointly develop products, said revenues during the three months to 30 June grew to £5.5 million, an increase of 49 per cent on the same period last year.

Its portfolio of owned and managed meter rose 7 per cent to about 86,500 units, spread across 28 gas suppliers.

Energy Assets, which saw its underlying pre-tax profits grow 34 per cent to £3.9m last year, also said it has one of the largest portfolios of smart gas meters in the industrial and commercial (I&C) market, with more than 54,000 units that deliver automated readings for customers.

Chief executive Phil Bellamy-Lee said: “First-quarter trading has been very encouraging, showing our continued pattern of growth. The group continues to expand its I&C metering portfolio and increase its market share in line with its primary strategy.”

Bellamy-Lee said Energy Assets had £8.8m of cash in the bank at the end of June, and the company remained confident of being able to win new work among the major gas suppliers.

He added: “The group remains well funded and we are confident that our attractive business model will secure continued growth into the future.”