Revenues rising at Energy Assets following Gazprom deal

GAS METER specialist Energy Assets has insisted that the outlook for the year ahead remains “positive” after reporting an uplift in revenues since the start of the second half.

The Livingston-based firm, which acquired Gazprom Global Energy Solutions in a £13.5 million transaction in October, said it generated revenues of £4.9m in the three months to 31 December, of which £3.3m was classed as “recurring revenues” from its installed base of about 76,000 meters.

For the year so far, revenues were running 32 per cent ahead at £12.5m, with recurring revenues accounting for 67 per cent of the total.

Chief executive Phil Bellamy-Lee said the acquisition of Gazprom’s Manchester-based business – since renamed EA Energy Solutions – had “significantly added to the meter portfolio growth prospects of the group through a meter asset management agreement with Gazprom, which further complements our existing contracts with Corona Energy and British Gas”.

He added: “The business outlook for 2012-13 remains positive and continues to be enhanced by the acquisition of EA Energy Solutions.”

The firm, which counts retailers John Lewis and Marks & Spencer among its clients, reported a 38 per cent rise in first-half profits to £1.8m in November, with revenues for the six months to 30 September 27 per cent higher at £7.6m.

Energy Assets’ automated meters provide ongoing data about clients’ energy usage and yesterday’s trading update came as electronics market research firm IMS predicted that smart meters will account for half of all meter market revenues by 2016.