LONDON (Alliance News) - Energy Assets Group PLC on Tuesday reported higher pretax profit and growth in revenue for the financial year to the end of March.
The company, which provides industrial and commercial gas metering services, said pretax profit for the year to March 31 was GBP10.5 million, compared to GBP9.3 million the year earlier.
Total revenue grew 25% year-on-year to GBP45.3 million from GBP36.2 million, with recurring revenue, generated from its meter and data asset portfolio, rising 12%. Revenue from Siteworks activity grew 49% over the year.
Energy Assets said its owned and managed meter and data asset portfolio grew 23% in the year to 450,000 assets.
"We continue to enjoy good relationships with all of our banking partners who have expressed a keen interest to continue working with the group. We are confident that these relationships will provide sufficient funding to facilitate our future growth plans as we work towards being the supplier of choice for customers within the UK I&C utilities sector and the largest independent provider of I&C energy metering services in the UK," said Chief Executive Phil Bellamy-Lee.
"The new financial year has started well, all segments continue to grow, and we are on track to deliver another year of strong operating and financial performance," he added.
Shares in Energy Assets were flat at 667.35 pence early Tuesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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