AGM & Interim Management Statement
October 14 2009 - 2:00AM
UK Regulatory
TIDMEAGA
RNS Number : 7255A
Eaga plc
14 October 2009
14 October 2009
eaga plc ("eaga" or "the Group")
AGM & Interim Management Statement
eaga plc (EAGA.L), a 'Green' Support Services Company and the UK's leading
provider of residential energy efficiency solutions, will hold its AGM
later today at which the following statement will be made. This comprises the
Group's Interim Management Statement in respect of the period 1 June 2009 to 13
October 2009.
Trading during the current financial year to date has been in line with the
Board's expectations and the Board is confident in the outlook for the remainder
of the year. The Group's net cash and available banking facilities continue to
provide considerable balance sheet strength.
Our progress in the business process outsourcing market, delivered primarily
through our Managed Services segment, has remained strong throughout the period.
Demand for assistance under the Government-funded fuel poverty programmes we
manage has continued to drive activity, whilst the scale of delivery through the
Switchover Help Scheme has further increased as switchover roll-out has
commenced in the Granada transmitter region.
We are pleased that our domestic heating businesses, which form part of our
Installation Services segment, have continued to build on the positive
performance shown during the last financial year. Installation volumes remain
high and the Group is focused on maximising the opportunities offered through
strategic partnerships. We are also pursuing a number of new contract
opportunities in the social housing market.
To further build on the established foundations for additional growth, the Group
has continued its strategic development of a number of opportunities in the
domestic renewable energy and micro generation markets, in particular those
related to the proposed introduction of feed-in tariffs. We expect Government to
finalise the regulatory framework to be adopted in this area, from 1 April 2010,
towards the end of this calendar year.
The Group continues to benefit from its scalable, flexible delivery model into
the CERT (Carbon Emissions Reduction Target) market. This approach has provided
underlying strength to our performance across our Installation Services and
Specialist Support Services segments. Our ability to deliver both traditional
energy efficiency solutions such as loft and cavity wall insulation, alongside
more innovative solutions has enabled the Group to manage seasonal fluctuations
in demand during the summer months. We continue to make good progress towards a
positive conclusion in our discussions with energy generators and expect to
commence implementation of CESP (Community Energy Saving Programme) delivery
programmes during the second half of the financial year.
The Board remains confident of delivery in the Group's core markets and expects
eaga to continue its growth and success during the year to 31 May 2010.
For further information please contact:
Drew Johnson, Chief Executive Officer
Ian McLeod, Group Finance Director
Giles Sharp, Director of Investor Relations
0191 247 3800
Hogarth Partnership Limited:
Andrew Jaques
Chris Matthews
Ian Payne
020 7357 9477
This information is provided by RNS
The company news service from the London Stock Exchange
END
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