Post-float eaga’s robust set of figures

Jan 30 2008 by Graeme King, The Journal

IN the regional portfolio, the UK’s leading provider of residential energy solutions, eaga plc, announced a robust set of figures to the market.

Eaga – where we act as broker – successfully floated in June last year and the business is committed to providing services to meet the environmental, social and energy-efficiency targets of the Government, with fuel poverty and social housing high on the agenda.

The group reported that pre-tax profit rose to £14.5m compared to £9m last year.

Chairman Charles Berry said “The immense scale of the environmental challenges ahead for the Government, business and individuals alike is becoming increasingly visible, and the range and breadth of opportunities are developing rapidly for businesses which, like eaga, offer practical and effective solutions.”

Eaga was the largest riser in the regional portfolio over the course of the business day. The shares rose by 6.7% to finish higher at 151p.

Elsewhere in the market, bus and rail operator Go-Ahead Group, where we act as joint broker, confirmed that it has purchased 14,000 ordinary shares as part of its ongoing share buy-back scheme. Go-ahead Group’s share price motored higher over the trading session to close 49p better at 2149p.

Support services company Wellstream also recorded a strong performance over the day. Investment house Citigroup upgraded its recommendation on Wellstream earlier this month rating the shares as a ‘buy’ with a price target of 1400p.

The shares moved higher by 3.77% over the day to close at 1211p.

Anthony Peart Anthony.Peart@Wise-Speke.co.uk