Energy Assets Group hikes profit, invests in recurring revenue

Energy Assets Group has hiked its full-year pre-tax profit and revenue as it invested £22.9m in assets to generate long-term recurring revenue for the business, from £22.5m a year ago.

Pre-tax profit was £10.5m, from £9.3m, on revenue of £45.3m, from £36.2m.

"The new financial year has started well, all segments continue to grow and we are on track to deliver another year of strong operating and financial performance," said chief executive Phil Bellamy-Lee, looking ahead.

Energy Assets is an independent provider of industrial and commercial gas-metering services in the UK, and a major provider of multi-utility network, metering and data services.