ENERGY Assets posted a 67% increase in first half profits and said it was in a strong position to achieve long-term growth.
The Livingston-based company, which specialises in supplying gas meters for industrial and commercial users, said it had made a good start to the second half after making pre-tax profits of £3 million before exceptionals in the six months to September. That compared with £1.8m in the same period last year.
Turnover increased by 55% annually, to £11.8m, from £7.6m.
Welcoming "another period of strong operational and financial performance", chief executive Phil Bellamy-Lee said the results reflected a big increase in the number of meters the company rented to gas suppliers.
The Group has installed around 11,500 meters in the year to date, compared to around 10,000 meters in the six-month period to 30 September 2012. It has around 92,500 meters installed .
Mr Bellamy-Lee believes there is scope to grow the installed base considerably. Regulatory changes are set to provide a big boost to demand for a new generation of meters, which ministers hope will help users to cut emissions.
All gas users should have advanced or smart meters by 2019. All large meters are required to be advanced by April 2014.
The company, which sponsors Livingston Football Club, said it had a leading position in the industrial and commercial market, underpinned by secure long-term contracts signed with major UK gas suppliers.
Energy Assets added it is in "ongoing dialogue with a number of major industry participants as they look to finalise strategies in light of market trends, strategic needs and DECC (Department of Energy and Climate Change) requirements".
Chief financial officer John McMorrow said the company had not seen any "material" new entrants in the industrial and commercial market in the past two years.
Energy Assets also expects to enjoy a big increase in demand for the technology it has developed to allow firms with advanced meters to collect and analyse information about consumption patterns.
The company now collects data from 56,500 meters on behalf of customers, up from 52,500 at the start of the financial year.
Energy Assets added 27,000 data-loggers through the £13.5m acquisition of Gazprom's Global Energy Solutions business in October last year.
Mr Bellamy-Lee said acquisitions were not under consideration at the moment.
The company has increased staffing numbers at its Livingston head office, to around 55 currently from 40 this time last year. Mr McMorrow noted the company has a long-term lease on its HQ.
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