ENERGY efficiency solutions company Eaga has joined the FTSE 250 index only three months after it floated on the London Stock Exchange.

In its latest quarterly review, the FTSE Index confirmed the Newcastle PLC was among the latest entrants to the list of leading companies.

The announcement follows Eaga's successful flotation in June with a list price of 181p, which gave the company a market value of £453m.

Earlier this month, Eaga also announced its first preliminary results as a PLC, posting a 36 per cent rise in group revenues to £482.6m and 59 per cent growth in pre-tax profit before exceptional costs to £31.3m.

Eaga, which employs 1,000 people in the North, makes residential energy efficiency improvements, such as installing insulation, modern central heating and renewable energy technologies, and helps up to 1,000 homes a day.

Eaga chief executive John Clough said: "Joining the FTSE 250 is an outstanding achievement and something all our employees can be extremely proud of. Coming so soon after our flotation, and first set of preliminary results shows we have built a strong and growing business, which has clearly impressed City analysts and investors.

"As an organisation whose roots are firmly based in the North-East, I would also like to see this as a business success for our region."

Since the flotation, the company's share price peaked at 227p in July, fluctuating since, and closing last night at 209p.

Eaga, the UK's largest residential energy efficiency provider, initially raised about £25m through its flotation, and is eventually expected to yield about £220m to help fund its three-year targets of more than trebling its UK workforce to 10,000, and more than doubling turnover to £1bn.

The company's expansion plans were also boosted at the end of last year with the acquisitions of energy provider White Horse FM Group Limited for £37.2m, and JD Heating for £6m.

This year, it also bought Essex heating installation and repair company RG Francis (RFG) Limited for an initial £9.6m, which could rise by a further £1.6m depending on performance.