EAS.L Regulatory News (EAS)

Energy Assets Group plc

("Energy Assets" or the "Group")

Q3 Trading Update

Energy Assets Group plc (LSE: EAS.L) is pleased to issue a trading update for the period from 1 October 2015 to the present date. 

Financial highlights for the nine months to 31 December 2015

· Total revenue for the period increased by 22% to £31.5m (9 months to 31 December 2014: £25.9m);

· Recurring revenue increased by 15% to £19.3m (9 months to 31 December 2014: £16.8m), accounting for 61% of total revenue;

· Siteworks revenue increased by 34% to £12.2m (9 months to 31 December 2014: £9.1m);

· In November 2015, the Group announced a £10m increase to its current facility with Lombard, the asset finance division of The Royal Bank of Scotland Group, taking total facilities from the Group's three main funding partners to £110m. Additionally, a two year extension of the Group's £35m Bank of Scotland facility was also agreed in November 2015;

· At 31 December 2015, the Group had available facilities and cash at bank totalling £38.4m. 

Operational highlights

· The Group's owned and managed asset portfolio has increased by 23,000 assets since the half year to circa 427,000 assets (30 September 2015: circa 404,000, 31 March 2015: circa 365,000) with all existing major contracts across gas and electricity contributing to this growth;

· The Group acquired Blyth Utilities Limited (Blyth), a Multi-Utility Infrastructure Provider specialising in the design and construction of utility networks and infrastructure direct to commercial and residential developers, on 9 December 2015. This acquisition will enable Energy Assets to provide a complete multi-utility infrastructure offering across gas, electricity and water, in accordance with the Group's strategy, whilst also creating opportunities to deliver services to businesses within the growing UK house building sector;

· Energy Assets was appointed as a preferred supplier to Crown Gas and Power (Crown), the gas supply division of Crown Oil Ltd in December 2015. The appointment, for the provision of advanced gas metering technology and data services solutions, was made due to Energy Assets reputation for delivering a high quality service offering. 

Outlook

The last quarter of the financial year has started well and the Group's major contracts and Siteworks business continue to perform strongly. Integration of the Blyth acquisition will continue throughout the final quarter of this financial year. Energy Assets therefore remains well positioned to deliver results in line with expectations for the financial year ending 31 March 2016 and to achieve its primary objectives which are:

· To further consolidate its position as the largest independent metering and data service provider to the UK I&C gas sector;

· To grow its position across the utility sector as a whole; and

· To grow the successful Siteworks business and expand the range and complexity of the services provided. 

Commenting on today's announcement, Energy Assets Chief Executive Phil Bellamy-Lee said:

"The Group has continued to deliver strong growth in the period which is significantly ahead of the same period in the prior year. The Blyth acquisition represents another positive milestone for Energy Assets as we continue to grow our business, both organically and through acquisition, and extend our product ranges and service offering to a wider multi-utility market sector."

Enquiries

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

About Energy Assets:

Energy Assets is the largest independent provider of industrial and commercial (I&C) gas metering services in the UK, by number of assets owned and managed, and provides metering, energy data and multi-utility infrastructure services in the I&C segment of the UK utility market and in the residential construction sector. 

The Group offers utility suppliers and end-user consumers of energy a broad spectrum of expert multi-utility metering services including the provision and management of new and replacement gas meters and the management of electricity meters through its Metering division. The Group also collects and provides energy consumption data through its Data Services division.

The Energy Assets Siteworks division specialises in the procurement, design and project management of related multi-utility infrastructure works linking the network to the customer's usage point.

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