Energy efficiency solutions provider Eaga saw revenue jump 15.6 per cent in the year ended31 May 2009, the firm announced today.
Turnover jumped to £738.9 million from £639 million in 2008. Pre-tax profits reached £47.5 million, up 23.5 per cent from £38.4 million the previous year.
The firm said it saw strong cash generation for the year with year end closing cash balance reaching £31.9 million over double 2008's £15.3 million.
The firm said that the following was key to its strong year growth:
- Warm Front Scheme contract extended to 31 March 2011, with provision for a further two year extension
- Delivery of BBC Switchover Help Scheme well under way, reaching over 1.1m eligible customers so far
- Continued development of heating platform
- Increase in Carbon Emissions Reduction Target
- Strategic alliance established with organisations such as Solarcentury and Consensus Business Group, building on our strong position in the growing domestic low carbon and renewable energy markets
Eaga chairman Charles Berry said: “The 2009 results demonstrate the Group’s ability to deliver continued strong growth, despite difficult economic conditions. The secured sales order book delivers strong revenue visibility for 2010 and eaga continues to be well positioned in its core markets, which offer positive and sustainable opportunities for further growth.
'Building on our established platform, the Group has a clear focus on opportunities in the BPO, domestic heating and residential carbon saving markets to actively grow a diversified customer and contract base.
'Trading during the first quarter has been in line with expectations and the Board is confident that eaga will continue its growth, extend its successful track record and make further significant progress in the year to 31 May 2010.”