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Smart Metering Systems set to report bumper year
Integrated metering services company Smart Metering Systems updated the market on its trading for the year to 31 December on Monday, reporting that its continued investment in its gas and electricity metering portfolio saw the total number of assets under management increase by approximately 62% to 2.03 million by year-end.
The AIM-traded firm said that figure included 423,000 gas and electricity domestic smart meters in the growing domestic smart meter market.
Total annualised recurring revenue increased 38% to £57.0m over the year.
In the gas division, meter recurring revenue grew by 15% to £36.1m, while data recurring revenue increased 15% to £3.0m.
Smart Metering Systems said that in its electricity division, meter recurring revenue nearly tripled to £11.2m and data recurring revenue grew 56% to £6.7m.
Based on unaudited management accounts for the period, the company said it expected that its results for the year would be in line with current market expectations, with those set to be published mid-March.
"2017 has been a year of investment in our business - building capacity to grow and deliver for our customers in the domestic smart meter rollout," said chief executive Alan Foy.
"The £150m equity placing and refinancing of our £280m bank facility in November provides us with an extremely strong financial platform to help our customers complete their domestic smart meter programmes."