A SERIES of contract wins helped turnover at Livingston-based gas meter supplier Energy Assets jump by a third during the opening months of its new financial year, outstripping analysts’ expectations.
The Aim-quoted firm yesterday posted a 37 per cent year-on-year rise in revenues for the three months to 30 June to £3.7 million, compared with the 28 per cent predicted by house broker Canaccord Genuity.
Energy Assets, which floated in March, increased the number of commercial and industrial customers it serves to 53,000 from 48,000, the majority of which are thought to have come from the firm’s partnership with gas supplier Corona Energy. Chief executive Phil Bellamy-Lee said: “Trading remains in line with management expectations as the group continues to expand its metering portfolio and increase its market share in line with its primary strategy.”
Canaccord Genuity analyst Julian Cater said: “Management is in negotiations with a number of gas suppliers about their meter exchange strategies. Contract announcements with non-Corona customers would be significant catalysts for the shares.”
Australian bank Macquarie Group, the firm’s previous owner, retained a 47 per cent stake after the flotation, while institutional investors including Henderson, Investec and Old Mutual bought shares.
