Manchester gas metering company grows asset portfolio

Energy Assets Group plc, the industrial and commercial gas metering services provider based in Manchester, has increased the size of its asset portfolio and achieved revenue growth in the three months to June 30.

The company, which also provides electricity metering and utility infrastructure services, grew its asset portfolio by 5% in the three-month period, from 365k assets at the end of March to 382k in June.

Energy Assets has attributed this growth to its biggest contracts in electricity and gas.

Chief executive Phil Bellamy-Lee said: “On behalf of the Board, I am delighted to report that we start the financial year with another period of strong activity. Demand for the installation of advanced utility meters and related services remains high and continues to be driven by regulatory requirements.

“Performance in the first quarter indicates that the Group is on track to deliver another year of solid growth.”

During the period, the firm also saw its total revenue rise to £10m compared to £8.4m at the same point in 2014, a year-on-year increase of 19%. Furthermore, recurring revenue rose to £6.2m, a 13% increase against its £5.5m figure at this time last year, while its siteworks revenue grew by 31% to £3.8m; a year ago, this figure stood at £2.9m.

As of June 30, Energy Assets’ cash and available facilities from its funding partners totaled £33.9m.

Commenting on the acquisitions made in Energy Assets’ previous financial year, Phil added: “Additionally, the Group has continued its strong track record of successfully integrating new businesses and Bglobal Metering, Origin and SA Gas are all performing in line with management expectations.”

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