Energy Assets shares drop on market debut

SHARES in Energy Assets Group, a provider of gas metering equipment to Corona Energy and British Gas, fell in their debut on the London Stock Exchange yesterday.

The Livingston-based company’s shares closed down 7.6 per cent lower at 194p.

The company, which was acquired by Australian investment bank Macquarie Group in 2008, had priced the offering at 210p apiece.

On Monday, Energy Assets raised £11.9m through a share sale to institutional investors and said it planned to sell an additional 7.2m shares.

The company said that it would use the funds from the private placement to expand its business in line with growth plans and strengthen its balance sheet.

Energy Assets has 60,000 meters and 20,000 data loggers in businesses across the globe.

The group had revenue of £9.6m for the year to 31 March 2011. The group’s profit was £2.3m.

Chief executive Phil Bellamy-Lee said on Monday: “In the short term we are looking for organic growth but may look at acquisitions later. With the IPO we can grow the business.”

Energy Assets had revenue of £9.6m in 2011.