ENERGY efficiency solutions company Eaga yesterday reported a maiden full-year loss, but said the current year had started well.

The Newcastle company, which floated on the Alternative Investment Market in June, reported a pre-tax loss of £87.4m for the year to May 31, compared with a profit of £6.6m the previous year.

Group revenue lifted 36 per cent to £482.6m, and Eaga said it had delivered energy improvements to more than 1,000 homes every day.

Chairman Charles Berry said the new year had started in line with expectations and the fundamentals for the business remained "positive" .

"Our new status as a public company enhances our ability to grasp the significant opportunities before us, by raising our profile and reinforcing our ability to recruit and retain excellent people," he said.

"It has also given us increased financial flexibility to pursue our established strategy for growth."

The plc, which employs 1,000 people in the North-East, is the UK's largest residential energy efficiency solutions provider. At the end of last year, Eaga acquired White Horse FM Group Limited for £37.2m, and JD Heating for £6m.