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Seems a great model, plenty of other rev streams as well. Not in yet but right up there on my radar. GL
Hi, I think that big trade shows this company has a future, regular income from a small % of a gas bill (with inflationary adjustments upwards easily added on) for smart meters which are mandatory for industrial and commercial (I&C) buildings with many firms missing the deadline for installation. As leading player EAS you would think, would grab more of the market. I bought in at 3.46 on Monday. Figures are good because if meters have a 20 year life but capital cost is accounted for on installation then, well, just imagine- eventually a lot of income and no costs!
Had my eye on that Doze as was looking to buy in today. How long you been in? The RNS was very impressive yesterday.The figures and long term revenues look excellent. Market cap looks low to me. Whats your thoughts on this? Am I missing something?
CEO of Energy Assets, Phil Bellamy-Lee, commented: "By signing this new Agreement we are delighted that DONG Energy has continued to place its trust in EAS' capabilities and technology. The Agreement provides EAS with a further opportunity to continue its growth strategy and enhance its position as the leading independent provider of metering services to the UK I&C energy market. It is a clear indicator that the proven deployed technology, which was part of the recent acquisition, will deliver value and opportunity in the future."
New Agreement with DONG Energy Sales Energy Assets Group (EAS), the largest independent provider of gas metering services to the UK Industrial and Commercial ("I&C") market (by number of meters owned and managed), is delighted to announce that it has signed a new non-exclusive Agreement with DONG Energy Sales (formally Shell Gas Direct) for the provision of Automated Meter Reading technology and data services solutions to DONG's I&C customers. The new Agreement offers DONG Energy a suite of innovative options and solutions to help customers manage their energy use and also meet the industry's obligations on carbon reduction, and extends the current range of services provided by EAS under an original Agreement between Shell Gas Direct and Gazprom Global Energy Solutions (formally Truread) signed in 2008. The Agreement is the first new advanced metering contract signed by EAS since its acquisition of Gazprom Global Energy Solutions on 12 October 2012.
Commenting on the half year results, Chief Executive Officer Phil Bellamy-Lee said: "I am delighted to be able to report a strong operational and financial performance in the first half of the year, reflecting good organic growth across our three business divisions. Our primary strategy continues to be the expansion of our market share as a Meter Asset Manager ("MAM") and to remain the leading independent MAM, by volume of meters owned and managed, within the UK I&C gas sector. This position remains secure and has been further cemented through our growth in the year to date. The recent acquisition of GGES is a transformational deal for the Group providing us with a significant opportunity to more than double our existing I&C metering portfolio during the term of the contract, in partnership with one of the world's largest energy companies. Following the acquisition, we are now a leading provider and developer of AMR technology with a proven and significantly deployed technology platform and a range of products with the potential to serve the wider utilities markets. We have considerably strengthened our market position and, coupled with Government regulatory requirements to ensure meters in the UK are advanced or smart, we remain confident of our continued growth prospects into the future. We have added to our business development team through the appointment of individuals with strong industry expertise who will complement the expertise of the team at GGES. This strengthened resource will ensure that we can take advantage of the new opportunities available to us to grow our business. We have also strengthened our Siteworks design team, placed further emphasis on sales and marketing activities within AMR, and gained accreditation to enable direct metering installation works. All of these actions enable us to maximise the opportunity available to our integrated solution."
Current trading and outlook · The outlook for the Group has been enhanced considerably by the acquisition of GGES, a subsidiary of Gazprom Marketing and Trading Limited, which has significantly added to the install and meter exchange growth prospects already in existence through our contracts with Corona Energy and British Gas; · The Group continues its discussions with a number of other major gas suppliers requiring a fully integrated Metering, AMR, and Siteworks service provision and is confident that these will result in further expansion of all three business streams in the future; · The second half of the financial year has started well and the business continues to perform in line with expectations.
Operational highlights · The metering portfolio owned and installed has increased by 16% to circa 73,000 assets since the year end and by 30% since 30 September 2011; · Increased capital investment of 7% in meter assets which deliver our long term recurring revenue to £7.6m (H1 2011/12: £7.1m), bringing the total investment to £45.7m; · Energy Assets provides Meter Asset Management ("MAM") services to 24 gas suppliers within the I&C gas market; · The data logger portfolio has increased by 16% to circa 22,000 (H1 2011/12: circa 19,000) representing one of the largest independent portfolios within the I&C sector; · We continue to achieve a strong performance in AMR contract renewals with a 96% success rate based on the number of meter points as a percentage of AMR units, ensuring a continuation of the long term revenue attached to these contracts.
Financial highlights · Revenue increased by 27% to £7.6m (H1 2011/12: £6.0m); · Recurring revenue increased by 32% to £5.0m from £3.8m and represents 66% of total revenue; · EBITDA increased by 30% to £4.8m (H1 2011/12: £3.7m); · Profit before tax and exceptional items increased by 38% to £1.8m (H1 2011/12: £1.3m). Profit before tax was £1.5m (H1 2011/12: £1.3m); · Cash generated from operations of £3.8m (H1 2011/2012: £3.3m), a growth of 15%; · Diluted EPS of 4.25p (H1 2011/12: adjusted EPS based on share capital at the date of listing being in issue for the full year 3.67p).
Interim Results for the six months ended 30 September 2012 Strong growth and a transformational acquisition Energy Assets Group plc (LSE: EAS.L), the largest independent provider of industrial and commercial ("I&C") gas metering services in the UK (by number of meters owned and managed), today announces its Interim Results for the six months ended 30 September 2012 (H1 2012/13). The first half of the year has delivered strong financial results which are in line with management expectations. The second half of the financial year has started well with the business continuing to perform strongly and, as recently announced, Energy Assets completed a transformational acquisition of Gazprom Global Energy Solutions Limited (GGES) immediately following the half year. This brings with it exclusive agreements with Gazprom for all three business streams including: · A doubling of the number of meter points from which data is collected on behalf of our customers; · The potential to double the size of the Group's I&C meter portfolio; and · A partnership with a growing gas supplier, offering the opportunity to increase our Automated Meter Reading ("AMR") portfolio and Siteworks activities. Integration of this business into the Group is progressing well.
At the end of 2011, GGES had gross assets of £6.5m.
Energy Assets, the provider of gas metering services, has bought Gazprom Global Energy Solutions from Russian gas giant Gazprom. The acquisition has an enterprise value of £13.5m, which includes an initial cash consideration of £6.0m, potential cash earn-out payment of £3.0m (payable dependent upon the level of data logger installations carried out by Energy Assets) and existing Gazprom Global Energy Solutions (GGES) debt of £4.5m that is to be refinanced upon acquisition. Based in Manchestr, GGEs provides fully integrated Metering, Automated Meter Reading (AMR) and Siteworks services to gas suppliers and blue-chip clients across the industrial and commercial (I&C) sector. GGES manages a portfolio of some 27,000 data points across gas, water and electricity sectors. When combined with Energy Assets' existing portfolio of around 21,000 data loggers, the resulting logger portfolio will be one of the most significant in the UK I&C market, Energy Assets claimed. GGES generated revenues of £5.1m and profit before tax of £0.2m in 2011, after the deduction of intra-group charges. The directors believe that combining the resources of both businesses will further enhance earnings expectations for financial year 2013/14 onwards.
CONT The Group is currently undertaking active discussions regarding potential new business opportunities with gas suppliers, other market participants, and end user consumers requiring a fully integrated Metering, AMR, and Siteworks service provision. Trading in the current financial year remains in line with management expectations and the commentary provided in our Interim Management Statement issued on 24 July 2012. Overall, the business outlook for 2012/13 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."
AGM and Trading Update Energy Assets Group plc (LSE: EAS.L), the largest independent provider of industrial and commercial ("I&C") gas metering services in the UK (by number of meters owned and managed), will be holding its first Annual General Meeting as a Premium Listed Company on the Main Market of the LSE at 11am today. Chairman, Dr Chris Masters, will be making the following statement to shareholders: "2012 has been a momentous and successful year for the Group with the IPO in March raising net primary proceeds of £11.7 million and supporting further investment in the asset portfolio in the current year. We continue to expand our I&C metering portfolio and increase market share in line with our primary strategy and the metering portfolio owned and managed has increased by 11% since the year end to c.69,500 assets, of which c.54,500 are I&C meters, and by 32% from c.53,000 assets over the 12 months since 31 July 2011. The Group's metering assets are now spread across 23 gas suppliers who represent over 80% of the UK I&C gas market by volume of gas supplied.
Siteworks The Siteworks business has delivered a strong first quarter performance with divisional targets being achieved. Revenue increased by 29% to £1.2m compared to the corresponding period last year and the outlook for the second quarter remains buoyant and in line with management expectations. Pulse 24 - Automated Meter Reading (AMR) The AMR division has focussed on the renewal of existing contracts in the first 3 months of the financial year achieving a very high success rate of 98% based on the number of AMR units available for renewal. With in excess of 21,000 data loggers installed, Energy Assets currently owns and manages one of the largest independent portfolios in the UK I&C market and, although first quarter growth in AMR units has been slower than expected, the Group remains confident of increased growth for the year as a whole. Commenting on the Group's first quarter performance and outlook for 2012/13, Chief Executive Phil Bellamy-Lee said: "First quarter trading remains in line with management expectations as the Group continues to expand its I&C metering portfolio and increase its market share in line with its primary strategy. Our successful positioning as the leading independent MAM (by volume of meters owned and managed) and strong financial position gives us the flexibility to respond rapidly to future opportunities. Government regulatory requirements to ensure meters in the UK are advanced gives rise to numerous opportunities within the I&C gas industry and Energy Assets is well placed to take advantage of these. Overall, the Group remains well funded and continues to look to the future with confidence."
Interim Management Statement Energy Assets Group plc (LSE: EAS.L), the largest independent provider of industrial and commercial ("I&C") gas metering services in the UK (by number of meters owned and managed), is pleased to issue its Interim Management Statement for the period from 1 April 2012 to 30 June 2012. Group revenue for the three months to 30 June 2012 was £3.7m showing an increase of 37% on the comparative figure to 30 June 2011 of £2.7m. Recurring revenue increased 33% from the corresponding period to £2.4m (30 June 2011: £1.8m), accounting for 65% of total revenue (30 June 2011: 67%). The business outlook for 2012/13 remains positive and the Company remains well capitalised with a solid balance sheet. The Group continues its active discussions regarding potential new business opportunities with gas suppliers, other market participants, and end user consumers requiring a fully integrated Metering, AMR, and Siteworks service provision. Meter Asset Management The metering portfolio owned and managed has increased by 8% since the year end to c.68,000 assets1 (31 March 2012: c.63,000) and by 33% from c.51,000 assets over the 12 months since 30 June 2011. The Group's metering assets are spread across 23 gas suppliers who represent over 80% of the UK I&C gas market by volume of gas supplied.
http://www.investegate.co.uk/Article.aspx?id=201207240700063060I
Commenting on the strategy and outlook for 2013, Chief Executive Phil Bellamy-Lee said: "Our primary strategy for the current year continues to be the expansion of our market share as a Meter Asset Manager ("MAM") within the UK I&C gas sector by further capitalising on identified market opportunities. Our successful positioning as the leading independent MAM (by volume of meters owned and managed), coupled with Government regulatory requirements to ensure meters in the UK are advanced or smart, puts us in a strong position. In line with our stated objectives during the IPO process, we have also strengthened our Siteworks business development and design team, placed further emphasis on sales and marketing activities within AMR and gained accreditation enabling direct metering installation works. All of these actions are enablers to maximise the opportunity available to our integrated solution. The financial strength of the Group has been significantly increased by our listing in March and in conjunction with the extended funding resources from our lenders we now have a solid platform to take advantage of these favourable market opportunities and look forward to the future with added confidence."
Current trading and outlook · The 2012/13 financial year has started well with management's target to grow the meter and data logger portfolio being on track · Strong performance in Automated Meter Reading ("AMR") contract renewals are being experienced with a 98% success rate during Q1 based on the number of meter points as a percentage of AMR units · The Group continues its active discussions with gas suppliers requiring a fully integrated metering, AMR and Siteworks service provision · The business outlook for 2012/13 remains positive
Maiden Preliminary Results for the year ended 31 March 2012 Energy Assets Group plc (LSE: EAS.L), the largest independent provider of industrial and commercial ("I&C") gas metering services in the UK (by number of meters owned and managed), is pleased to announce its maiden preliminary results for the year ended 31 March 2012 following the initial public offering and admission to trading on the Official List of the London Stock Exchange. Today, Energy Assets reports a profit before tax and exceptional items of £2.9m which is at the top end of the range indicated within the prospectus published in respect of the flotation. Financial highlights · Successful Main Market flotation on the London Stock Exchange as a premium listed company in March 2012 raising £15.0m (gross) of new equity funding · Cash generated from operations of £7.1m (2011: £5.0m) showing growth of 42% · Revenue increased by 32% to £12.7m (2011: £9.6m) with £8.3m (65%) recurring in nature (2011: £5.3m or 55%) · Operating profit before exceptional items increased from £3.5m to £5.6m, an increase of 60% with operating profit margin increasing to 44% (2011: 36%) · Adjusted EPS of 7.85p based on share capital at the date of listing being in issue for the full year (2011: 5.01p on an equivalent basis) · Profit before tax and exceptional items increased by 53% to £2.9m (2011: £1.9m). Profit before tax was £0.2m (2011: £2.4m) after incurring exceptional IPO costs