Energy Assets Group reports 22% revenue hike

Energy Assets Group plc saw its total revenues rise by 22% in the nine months to December 31 2015.

The meter asset management firm’s revenue for the period hit £31.5m, a year-on-year increase of £5.6m.

Recurring revenue, which accounted for 61% of the total, leapt by 15% to reach £19.3m, while revenue in its siteworks business saw a 34% increase at £12.2m.

The period saw Energy Assets acquire multi-utility infrastructure provider Blyth Utilities Limited, a move that could create opportunities for the firm to provide services to companies in the UK’s growing housebuilding sector.

The chief executive of Energy Assets, Phil Bellamy-Lee, said: “The group has continued to deliver strong growth in the period which is significantly ahead of the same period in the prior year.”

“The Blyth acquisition represents another positive milestone for Energy Assets as we continue to grow our business, both organically and through acquisition, and extend our product ranges and service offering to a wider multi-utility market sector.”

Energy Assets, which has its registered office in Manchester, plans to take further measures in 2016 to shore up its position in the utility sector and expand its services.