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30 Sep 2008 07:00
Energy Asset Management Plc
("EAM" or the "Company")
Interim Results for the Six Months Ended 30 June 2008
Highlights
The Group has:
enjoyed record levels of activity;
begun to benefit from its high operational gearing;
traded profitably since February 2008, before accounting for share option costs ; and
continued to achieve contract awards.
Chairman's Statement
The business continues to negotiate and win long term contracts; the historical mobilization delays experienced previously on these contracts no longer seem to apply and momentum is now gathering to a level where meter installations are being completed at a rate currently in excess of 450-500 per month and which is steadily increasing. This sustained increase has allowed EAL's operating profit to remain positive during most months of the first half of the year. This trading improvement has had a dramatic impact on reducing the loss incurred in the comparable period of last year.
Financial Results
In the six months to 30 June 2008 the Group's loss after taxation is £42,488 (before a share option charge of a further £56,573) compared to a loss for the first six months of 2007 of £584,910 representing a total loss per share to 30 June 2008 of 0.03p (2007- loss 0.25p). The directors are confident that the orders currently in the pipeline will ensure this modest loss will be recovered before the year-end.
Current Activity
The demand for Meter Asset Management ("MAM") and Automatic Meter Reading ("AMR") services continues to grow both from Gas Suppliers and Gas Users and the Group continues in negotiation to secure further significant contracts. The Group has also demonstrated its ability to complete the installation of metering systems and to successfully commission these systems to the satisfaction of its clients.
The Group continues to develop its multi-utility energy solution addressing Gas, Electricity and Water remote Automatic Meter Reading.
The Future
The Directors are satisfied with the progress being made and remain enthusiastic about the prospects for the business especially given the importance now being attached by energy users, the government and the public to the efficient use of energy. We look forward to reporting further progress.
John Shaw
Non-Executive Chairman
30 September 2008
Financials
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Notes to the unaudited financial statements
1. Basis of Preparation
The interim financial statements of the Group for the six months ended 30 June 2008 have been prepared on a going concern basis in accordance with the recognition and measurement principles of International Financial Reporting Standards (IFRSs) endorsed by the European Union and the AIM Rules for Companies. The interim financial statements have been prepared on a basis consistent with the accounting policies set out in the Group's consolidated annual financial statements for the year ended 31 December 2007. They have not been audited, do not include all the information required for full annual financial statements, and should be read in conjunction with the Group's consolidated annual financial statements for the year ended 31 December 2007. The report of the auditors on those consolidated annual financial statements was unqualified. This information does not constitute statutory accounts as defined in section 240 of the Companies Act 1985.
As permitted, the Group has chosen not to adopt IAS 34 "Interim Financial Statements" in preparing this interim financial information.
2. Loss per share
The loss per share has been calculated by dividing the loss after taxation of £99,061 by the weighted average number of Ordinary Shares in issue for the period of 328,021,130 (2007- 263,917,554). The diluted loss per share is the same as the basic loss per share as the options that were in existence have an anti-dilutive effect on the loss per share and therefore have not been taken into account..
3. Dividend
No dividend is recommended.
4. Share capital
At 30 June 2008 the Company had 332,768,383 Ordinary shares of 1p each in issue. (2006 - 278,768,383).
For further information please contact:
Energy Asset Management Plc
John Shaw, Non-Executive ChairmanTel: 07973 826613Alan McKeating, Managing DirectorTel: 07843 231372
Ruegg & Co Limited
Gavin BurnellTel: 0207 584 3663
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