Independent Scottish gas metering services firm Energy Assets Group has been warmed by a doubling of its pre-tax profits.
The Livingston-based group saw total revenues in the year to March 31 increase by 34% to £24.2 million and pre-tax profits increasing from £2.9m in 2013 to to £6m.
The firm’s owned and installed metering portfolio grew by 25% during the year to circa 101,000 units and that figure has since grown post year-end following the £2.3m acquisition last month of Lancashire-based BGlobal Metering Limited.
EAG said the move provided the firm with access to the systems, accreditations and expertise required to operate as a major provider in the electricity sector and was in line with the group’s strategy to offer metering and associated energy services across multi-utility platform.
Th company said the new financial year had started well with growth being delivered in all sectors of the business.
Chief Executive Phil Bellamy-Lee said: “I am delighted to report another year of strong operational and financial performance, with continued growth across our three business divisions.
“Energy Assets is a strong, growing company which has continued to make great progress and as an organisation we are committed to creating shareholder value.
“The board is confident that Energy Assets will continue to deliver added value for all our stakeholders as we continue to broaden our offering.
“The group’s primary objective is to further consolidate our position as the largest independent metering service provider to the UK industrial and commercial gas sector, to grow our position across the utility sector as a whole, and to grow our successful Siteworks business. The combination of our strong supply chain relationships, engineering competence, bespoke systems and focus on technology continue to differentiate us from our competitors.
“The BGM acquisition enables Energy Assets to expand its presence into the electricity sector and is a significant step in the delivery of the group’s strategy to offer services across a multi-utility platform.
“With the combination of opportunities arising from government regulatory requirements and our relationships with energy suppliers and the wider market we are confident of delivering our long term growth strategy.”