Energy Assets upbeat after ‘strong’ Q1 performance

Gas meter supplier Energy Assets today told investors that current trading remains “encouraging” following last year’s jump in profits.

The Livingston-based firm said the number of meters and data points its owns and manages grew to about 327,000 by the end of July, up from 163,500 in March and boosted by the acquisition of electric meter specialist BGlobal.

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In July, the group won a deal to install advanced meters for about half of British Gas’s industrial and commercial customers across the UK.

Speaking ahead of Energy Assets’ annual meeting today, chairman Chris Masters said: “Trading in the current financial year continues to be encouraging and the group delivered a strong performance in the first quarter to 30 June.”

First-half results are due to be released on 11 November. In June, Energy Assets reported a 38 per cent surge in annual operating profits to £9.8 million, on revenues 34 per cent higher at £24.2m.