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Energy Assets on track for strong growth in 2013

ENERGY Assets, a Scottish meter specialist, has said it is on course to achieve good growth in the current financial year, after recording a strong performance in the first nine months.

Livingston-based Energy Assets said trading from 1 April to 31 December was significantly ahead of the same period in the prior year, putting the company on course to deliver growth in line with expectations.

"Our business has performed well in the year to date," said chief executive Phil Bellamy-Lee. "All segments continue to grow and we are on track to deliver another year of excellent operating and financial performance in line with expectations."

In an interim management statement, Energy Assets provided further evidence to suggest it has found a lucrative niche in the market for managing the meters used by industrial and commercial firms.

Demand for smart meters is set to increase significantly as firms move to comply with regulatory changes that are intended to help cut carbon emissions.

All gas users should have advanced or smart meters by 2019. All large meters are required to be advanced by April 2014.

Energy Assets increased turnover to £17.6 million in the first nine months, from £12.5m in the corresponding period last time, helped by strong growth in the number of meters it manages and in demand for related services.

In the nine months to 31 December the number of meters Energy Assets had installed increased by around 16,000 to 97,000.

Energy Assets currently collects usage data from 59,500 meters on behalf of customers, up from 52,500 at the start of the financial year.

The company underlined its growth ambitions in November last year, when it secured a £35m facility from Bank of Scotland.

Yesterday it said that, when combined with existing arrangements, the new facility gave it "significant headroom" of £43m, which should help it to continue to increase its installed-meter base.

Energy Assets added 27,000 data-loggers through the £13.5m acquisition of Gazprom's Global Energy Solutions business in October 2012.

It listed on the stock market in March of that year.

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