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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Energy Asset | LSE:EAM | London | Ordinary Share | GB00B06LR386 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.15 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:3626J Energy Asset Management PLC 07 December 2007 Energy Asset Management Plc (the "Company" or "EAM")) Trading Update Exciting contracts have either now been signed or are in advanced stages of negotiation, demonstrating that there is strong market appetite for our competitively priced and efficiently delivered metering and data provision services. The timeframe for completing such discussions and implementing contracts however, is notoriously protracted in this sector and although major long term contracts have been secured at a rate higher than previously anticipated the Company will not achieve it's monthly profit and cash projections previously advised for 2007. Since the Company has high operational gearing the full benefit of our current and expected contracts and strategic alliances will add only a small increment to costs enabling profitability to be quickly attained and the directors continue to remain optimistic this will be fully reflected in the results for 2008 and 2009. In anticipation of the accelerated growth the Company has decided to expand its IT infrastructure to facilitate the use of a "hand held" works management system by field operatives in order to further improve efficiency and effectiveness. The Company therefore may carry out a limited placing of new ordinary shares to accommodate this IT requirement and provide additional working capital. Contract Awards Customer Groups - High Street Retail - Public Sector The Company is pleased to announce that, following successful implementation of its electricity metering project with Woolworths, services provided by Energy Assets Limited (a wholly-owned subsidiary of EAM) have been extended to include gas metering and data collection services, including the installation and management of a SMS-enabled gas metering solution. Installations are underway. Similar success has been achieved on the Marks and Spencer gas meter data collection contract. This has been successfully completed and has now been extended to incorporate gas meter exchanges for a further 100 sites. Such is the success of the gas metering project this has now been extended to specific Marks and Spencer electricity metering sites and water metering sites. Installations are underway. EAL's success with Woolworths and Marks and Spencer have generated interest from other similar high street retail groups and we are presently at varying levels of negotiations with a number of these retail groups, with trials underway in some cases. Our present strategic alliance with IMServ, a subsidiary of Invensys Plc, has in addition introduced several high street and blue chip names to our portfolio, ranging from Local Authorities to public service and leading financial institutions. These prospects are existing customers of IMServ and we therefore anticipate a smooth transition into these customers. EAL have recently successfully completed a significant gas meter exchange and data collection programme on behalf of a major Local Authority. The directors believe that this programme will be extended to position EAL as the Local Authority's exclusive metering services provider. Such was the success of this programme the Local Authority energy manager has highly recommended EAL to other adjacent Public Sector groups and more importantly to neighbouring Local Authorities. Energy Suppliers EAL has signed a further 3 long term contracts with established energy suppliers for the provision of new and exchange metering services and data collection and management services. Contract discussions are progressing at varying stages with a further 5 energy suppliers to provide similar metering and data services. Others A unique opportunity has been presented to EAL to collaborate with an independent gas transporter. This opportunity introduces EAL to the potential of 15,000-20,000 new domestic, industrial and commercial metering installations on an annual basis. Medium term contracts have been signed and implementation is underway. This opportunity also extends to "smart metering" and the potential to become involved in social housing and fuel poverty projects which all attract Government grant funding. This one project in isolation has the ability to deliver EAL's original expectations and objectives over the coming 3 years. Projects of Public Interest * Tower of London * Windsor Castle * O2 Arena (Millennium Dome) * Liverpool Arena and Convention centre All of the above are major tourist attractions and have one thing in common, namely EAL meters and data collection solutions have recently been fitted at each of these sites. Managing Director, Alan McKeating, stated, "The business is now in a strong position and significant effort is now being focused on progressing, mobilising and implementing current contractual agreements with customers for new and existing business. The Board is confident that the potential for the business exceeds our original expectations, as the intent to become "green", combat rising energy costs, allied to the need to conserve dwindling energy resources are all factors driving major industrial and commercial customers towards the need for our competitively priced and efficiently delivered metering and data provision services." I look forward to announcing further contract wins regularly throughout the year and more importantly maintaining awareness of the progress of the above projects. For further information please contact: Energy Asset Management Plc Stephen Barclay, Non-Executive Chairman Tel: 07767 444114 Alan McKeating, Managing Director Tel: 07843 231372 Ruegg & Co Limited Gavin Burnell Tel: 0207 584 3663 This information is provided by RNS The company news service from the London Stock Exchange END TSTZQLFBDLBFFBE
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