Energy Assets eyes '˜another strong year' as profits soar

Gas metering firm Energy Assets Group said it is 'on track to deliver another year of strong operating and financial performance' after a jump in revenues and profits for the year to 31 March.

By The Newsroom

Published 7th Jun 2016, 13:42 BST

Updated 7th Jun 2016, 15:42 BST

Energy Assets chief executive Phil Bellamy-Lee. Picture: Contributed

The Livingston-based firm posted a 25 per cent jump in total revenue to £45.3 million, while profit before tax and exceptional items grew by 20 per cent to £10.7m.

In April, US infrastructure investor Alinda Capital Partners made a £198 million approach for Energy Assets, which said the deal has been “unanimously recommended” by its board.

A general meeting for shareholders to vote on the deal was due to be held last month but has been adjourned

The firm also highlighted its acquisition in December of Clackmannanshire utility networks company Blyth, saying the business has since secured a £6m contract for a new development in East Lothian.

Chief executive Phil Bellamy-Lee added: “This acquisition represents another step in our continuing growth strategy.”