Meter installation specialist Energy Assets (EAS:AIM) has secured its largest ever utility infrastructure contract through recently-acquired subsidiary Blyth.
East Lothian Developments (ELDL) has agreed to pay £6 million in an agreement which will see Energy Assets connect 1,450 mixed residential units to electricity, gas and water utilities.
'The award of this contract underpins the growth aspirations we have for Blyth as part of the Energy Assets Group and is testimony to the expertise and uniquely differentiated offering within our expanded business,' says chief operating officer Russell Gibson.
Trading for the nine months to 31 December showed revenue up 22% versus the same period a year earlier and the ELDL deal should help continue that momentum into Energy Assets' new financial year, which began on 1 April.
Highlights in Energy Assets' last financial year include being named preferred supplier of advanced gas metering technology and data services to Crown Gas and Power, the negotiation of increased borrowing facilities to fund expansion and a 17% increase in installed meters to 427,000.
Full-year results in the year to 31 March 2016 are expected by analysts to show sales up 26% to £45.6 million and earnings per share (EPS) of 30.4p, up 18%.
In the next financial year, sales and EPS are forecast at £55 million and 34.6p, respectively.
'The Group has continued to deliver strong growth in the period which is significantly ahead of the same period in the prior year,' said chief executive Phil Bellamy-Lee alongside the third quarter update in January.
'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.'
Shares in Energy Assets trade 1.8% lower at 480p.
