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Strong profits rise for Energy Assets

Energy Assets Group, Scotland's newest listed company, saw continued strong performance in the final quarter of 2012.

The Livingston-based group, the UK's largest independent provider of industrial and commercial gas metering services, which floated last March, had been trading below the 210p listing price until last month, but the shares hit a 242p high last week.

The recovery followed the interim results on November 20 which recorded a 38% rise in underlying first-half profit and a 32% rise in recurring revenues.

In an interim management statement yesterday, Energy Assets said: "The group has performed well achieving revenue of £4.9 million in the quarter to December 31, 2012. This accounts for 39% of the revenue generated in the financial year to date of £12.5m, up 32%." It also said recurring revenue in the financial year to date was up 40% to £8.4m, and accounted for 67% of total revenue, against 63% for the previous year.

The group said its acquisition three months ago of EA Energy Solutions, a subsidiary of Gazprom, had added to its meter portfolio growth prospects. There had been a 132% increase in meter points from which data was collected and a 24% revenue rise at the Siteworks business.

Phil Bellamy-Lee, chief executive, said: "We have strengthened our market position through our acquisition of EA Energy Solutions and are confident of future opportunities with other major gas suppliers together with the opportunities as a result of government regulatory requirements to ensure meters in the UK are advanced or smart."

Energy Assets's shares eased 7p to 225p.

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