Group basks in security

Oct 17 2008 by Karen Dent, The Journal

ENVIRONMENTAL services company eaga said it was chasing new acquisitions as it delivered an upbeat statement to shareholders.

The Newcastle company, best known for the Warm Front energy efficiency scheme, is on course to create more than 50 jobs after the Government said last month that it was pumping an extra £74m into the project over two years.

The new posts are likely to be weighted towards the North East, where a quarter of the group’s 4,500 staff are.

Chairman Charles Berry told yesterday’s agm: “The funding will help us to service the record levels of demand that we’re currently seeing, as energy prices and fuel poverty remain extremely serious and high profile issues.”

He told shareholders in the employee co-owned group, which posted earnings of £38m in 2007 – its first full year as a listed company – that eaga was not threatened by the economic downturn and financial problems in the markets.

Communications director Ross Armstrong said: “In a world of uncertainty, we are deliberately saying the business is in a good position.” But he refused to be drawn on possible acquisitions.