Bulletin

Energy Assets prepared to use £5m to fund acquisitions

The chief financial officer of Energy Assets has underlined the meter specialist's appetite for acquisitions and said the company could use all of a new £5 million credit facility from Santander to fund deals. John McMorrow said Livingston-based Energy Assets is on the lookout for further purchases as the company feels the benefit of two takeovers completed in recent months. He said the company wants to grow its 7% share of the market for providing smart gas and electricity meters to business users after growing first half profits by 30%. With £5.1m cash at September 30 and £33.5m undrawn facilities with other lenders, the firm has around £44m funding in place. It said the underlying business had performed well since the period end and it remained confident of winning new work with major utility suppliers.

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