July 26, 2016 8:57 AM ET

Electric Utilities

Company Overview of Ascendant Group Ltd.

Company Overview

Ascendant Group Limited, through its subsidiaries, provides energy and infrastructure solutions. The company operates through Bermuda Electric Light Company Limited; Bermuda Gas & Utility Company Limited; and AG Holdings Limited segments. It engages in the generation, transmission, and distribution of electric power; and distribution of propane. The company is also involved in the sale and service of heating, ventilation, and air conditioning units; and provision of air quality monitoring, building automation and energy management, commercial plumbing, fire protection, and commercial refrigeration services. In addition, it provides engineering procurement, contracting, and consulting service...

27 Serpentine Road

Pembroke,  HM 07

Bermuda

Founded in 1904

412 Employees

Phone:

441-298-6100

Fax:

441-292-8975

Key Executives for Ascendant Group Ltd.

Ascendant Group Ltd. does not have any Key Executives recorded.

Ascendant Group Ltd. Key Developments

Ascendant Group Announces Management Appointments

Ascendant Group Limited has announced that Ms. Leah Dean was elected to the Board of Directors at the company’s Annual General Meeting on May 23, 2016. Ms. Dean replaces Richard Spurling who retired from the Board having served since 1993. Ms. Dean is Senior Vice President of Group Human Resources (HR) for RenaissanceRe Services Ltd. Ascendant is also announcing two changes on its senior team. Mrs. Judith Uddin, former General Manager and Chief Operating Officer of Bermuda Gas has been appointed Senior Vice President Ascendant Group. She will oversee iFM, iEPC, Air Care, Purenergy, Ascendant Properties, Ascendant Internal Control Projects and other non-utility activities. Michael Daniel, former Chief Operating Officer AG Holdings Ltd., will take on the new role of Senior Vice President Ascendant Group & Chief Strategic Development Officer. He will oversee the continuing development and deployment of the Integrated Resource Plan and its components, as well as the Project Management Office, major construction projects and strategic initiatives and business development activities.

Ascendant Group Ltd. Reports Consolidated Earnings Results for the Year Ended December 31, 2015

Ascendant Group Ltd. reported consolidated earnings results for the year ended December 31, 2015. For the year, the company reported $14.5 million, a $7.2 million increase compared to 2014 revised operating earnings. The increase in operating earnings was largely driven by a $7.2 million improvement at BELCO reflecting higher sales, reduced windstorm expense and a reduction in bad debt expense. Bermuda Gas operating earnings, excluding discontinued appliance and service operations, were up $0.2 million due to a decline in propane costs, partially offset by lower sales volume. AG Holdings Limited profits declined $0.98 million compared to 2014, as a result of a reduction in iFM earnings due to the loss of a large contract and lower sales revenues at iEPC, which was partly offset by an increase in Air Care’s earnings. The Company’s consolidated net income was $17.4 million, a $0.2 million decrease compared to Ascendant Group’s consolidated net income in 2014. Included in the decreased results are non-recurring, post retirement benefit plan amendment gains totaling $5.0 million in 2015 associated with the Company’s Defined Benefit (DB) Pension Plan, partially offset by Bermuda Gas’ restructuring charges. Basic earnings per share remained unchanged from 2014 to 2015 at $1.63.

Ascendant Group Ltd., Annual General Meeting, May 20, 2016

Ascendant Group Ltd., Annual General Meeting, May 20, 2016, at 09:30 Atlantic Standard Time.

Similar Private Companies By Industry

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Pendekar Ltd. Americas
PSEG Americas Ltd. Americas

Recent Private Companies Transactions

Type
Date
Target
Buyback
May 16, 2016
--
Merger/Acquisition
April 13, 2016
Bermuda Gas & Utility Company Limited
 

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