A gas pipeline connecting the UK to the rest of Europe has continued to be a 'key piece' of European energy infrastructure after seeing an increase in volume, according to company chiefs.

Interconnector UK, which operates a subsea gas pipeline from Bacton in Norfolk, saw turnover inch up to £180.7m for the year ending September 30 2015, up just under 1pc from £179.4m the year before.

The EDP Top100 firm's pre-tax profits were marginally down from £113.5m to £112.4m for the same period, showing a fall of 1pc.

The firm said UK export volumes reached 5.9 billion cubic metres (bcm), significantly higher than the previous year of 3.8bcm.

However a mild winter combined with strong liquefied natural gas deliveries to the UK market saw relatively low UK import volumes during the winter totalling 0.2bcm, down from 0.8bcm the year before.

In its report, the company said the forward and reverse flow capacity in the pipeline was fully contracted with major energy and utility companies in contracts expiring in 2018.

'The group's revenues are independent of physical gas flows through the pipeline,' it said.

In the end-of-year report, posted on Companies House, the company highlighted a change of ownership, after Fluxys Interconnector Limited, a 100pc subsidiary of Belgium-owned Fluxys SA, acquired a 10pc stake in the company from Russian firm OAO Gazprom.

Through the acquisition on December 17 the Belgium firm increased its shareholding in the company to 50.75pc, becoming the majority shareholder and ultimate controlling party.

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