Scots meter group SMS hikes payout for investors

Glasgow-based Smart Metering Systems (SMS) has upped its dividend by more than a quarter despite a dip in pre-tax profits.

Releasing full-year results yesterday, the group said it proposed to pay a final dividend of 3.46p per share making a total of 5.2p for the full year – an increase of 27 per cent.

Revenue increased by 18 per cent to £79.6 million pushing up earnings before interest, tax, depreciation and amortisation (Ebitda) by 19 per cent to £38.8m. However, profit before tax dipped 2 per cent to £18m.

The group’s total gas and electricity metering and data assets increased by 780,000 to just over 2.03 million, as of the end of December.

Chief executive Alan Foy said: “2017 has been a year of investment in our business – building capacity to grow and deliver for our customers, particularly in the domestic smart meter rollout. We enter 2018 with a solid financial platform and are well positioned to continue making progress in our core markets.”