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Revenue and earnings warm up at Eaga
Wed, 08 Feb, 2012
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Revenue and earnings warm up at Eaga
Thu, 2 Sep 2010, 08:14:00
Things continued to heat up at energy efficiency firm <b>Eaga</b> last year but the company conceded its faces some near term competitive challenges. Revenues in the year to 31 May grew by 3.1% to £762.2m from £738.9m the year before, and earnings before interest, tax and amortisation (EBITA) increased by 10.1% to £52.0m from (2009's £47.2m). Profit before tax and amortisation (PBTA) increased by 7.5% to £51.0m (2009: £47.5m). "These results are stated after absorbing approximately £1.6m of costs associated with the development of our solar PV [photo-voltaic] project. Excluding these costs, EBITA growth was 13.5% and PBTA growth was 11.0%," said company chairman Charles Berry. On an "as reported" basis profit before tax climbed to £41.47m from £37.73m the year before. Berry said that "climate change, energy security and resource conservation remain high on the global political agenda" and expressed confidence in the current UK government's commitment to " a shift to more efficient low carbon solutions." He acknowledged, however, that the government's drive to slash public sector spending "will present some challenges as policies develop" but also "significant longer term opportunity for Eaga with its track record of delivery in these markets." The final dividend has been increased to 2.64p from 2.40p a year earlier. At the end of the reporting period the group had a net cash balance of £37.9m, up from £31.3m at the end of May 2009.
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