'Old and tired' electricity gives Spice hot results

SPICE, a contractor of outsourced utility services, yesterday said its full year profits soared by 58 per cent, on the back of growing regulatory markets and acquisitions.<br /><br />The company, which also said it had bought ComGroup, the Australian telecoms group, said its pre-tax profit was &pound;32.3m, and that revenue had hit &pound;386m, up 24 per cent year-on-year for the 12 months to 1 May.<br /><br />The company, which counts EDF Energy, British Airways and Starbucks among its customers, said its exposure to non discretionary spending and growing markets would help it make it through the tough economic climate.<br /><br />&ldquo;The UK electricity network is old and tired and the regulator is about&nbsp; to replace old equipment and put in new technology we expect to do very well out of it,&rdquo; chief executive Simon Rigby said.