EAS.L Regulatory News (EAS)

For immediate release 13 January 2014

Energy Assets Group plc

("Energy Assets" or the "Group")

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 UK1, is pleased to issue its Interim Management Statement for the period from 1 October 2013 to the present date.

The Group has delivered a strong trading performance in the financial year to date, which is significantly ahead of the prior year, and is on course to deliver growth in line with expectations.

Group revenue for the nine months to 31 December 2013 was £17.6m showing an increase of 41% on the comparative figure to 31 December 2012 of £12.5m.

Recurring revenue increased 45% from the corresponding nine month period to £12.2m (31 December 2012: £8.4m), accounting for 69% of total revenue (31 December 2012: 67%). 

In November 2013, the Group was pleased to announce a new £35m facility with Bank of Scotland to refinance £10m of existing debt on improved terms and provide additional finance. This new facility, together with existing facilities with our other banking partners, provides significant headroom of £43m to support the continued growth of the business.

Meter Asset Management (MAM)

At 31 December 2013, the metering portfolio owned and installed has increased by circa 4,500 assets in the period since 1 October 2013 to circa 97,000 assets. The portfolio has increased by 28% since 31 December 2012 when there were circa 76,000 meters. 

Energy Assets provides MAM services to 28 gas suppliers within the UK I&C gas market.

Siteworks

The Siteworks business continues to deliver a strong performance with divisional targets being achieved. Revenue increased by 31% in the year to date period to £5.5m compared to the corresponding period last year (31 December 2012: £4.2m) and the outlook for the final quarter of the financial year remains positive.

Automated Meter Reading (AMR)

Energy Assets currently manages circa 59,500 meter points from which data is collected on behalf of our customers, representing one of the largest independent portfolios within the UK I&C sector and showing an increase of 17% from 31 December 2012 when the portfolio was circa 51,000.

Commenting on the Group's performance and outlook for the financial year ending 31 March 2014, Chief Executive Phil Bellamy-Lee said:

"Our business has performed well in the year to date. All segments continue to grow and we are on track to deliver another year of excellent operating and financial performance in line with expectations.

Our strong supply chain relationships, engineering competence, bespoke systems and focus on technology continue to differentiate us from our competitors which, combined with the opportunities arising from Government regulatory requirements and new opportunities with gas suppliers and the wider market, enables us to deliver our long term growth strategy.

We are confident that our highly competitive business model will secure our continued growth prospects into the future."

Enquiries

For further information visit www.energyassets.co.uk or contact:

Notes to Editors:

Energy Assets provides gas metering and related services in the I&C segment of the UK gas market and is the largest independent provider of I&C gas metering services in the UK1. The Group offers gas suppliers and end-user consumers of gas a broad spectrum of metering services from the provision and management of new and replacement meters through its MAM Services division to the procurement and project management of related gas infrastructure works and the collection and provision of gas consumption data through the Group's Siteworks and AMR divisions.

Energy Assets is listed on the Main Market of the London Stock Exchange.

1 By number of meters owned and managed