Meter group flags further hike in trade

ENERGY Assets Group has reported further strong growth across its smart metering portfolio as the Livingston-based firm continues to gain momentum in the market for cutting back on power usage.

The group, already the UK’s largest independent provider of industrial and commercial (I&C) gas metering services, increased its market share during the three months to the end of July. It now owns and manages about 89,000 meters across the UK, up 10 per cent during the quarter and 27 per cent higher than at the same period a year earlier.

Chairman Chris Masters said trading in the current financial year continues to improve on the previous 12 months, when profits surged by nearly 70 per cent to £2.9 million on revenues of £18m.

“The business outlook for 2013-14 remains positive and the group remains well-positioned to take advantage of the opportunities arising from regulatory changes in the UK I&C gas market and the desire of end-user consumers to improve the efficiency of their energy usage,” said Masters, the former executive chairman of temporary power supplier Aggreko.

He said the firm remained “confident” of gaining new work with other major gas suppliers.