Half-year earnings and turnover charge ahead at Smart Metering Systems

0 Alan Foy, CEO: ‘Benefits of smart metering remain clear’ Glasgow-based Smart Metering Systems (SMS) has given a bullish outlook after posting a surge in first-half sales.

Releasing results yesterday for the six months to the end of June, the group said revenues had risen by 27 per cent to £46.7 million. Underlying earnings increased by 29 per cent to £23.4m while profit before tax was up by 9 per cent to £10.1m.

The board has declared an interim dividend of 2p per share – an increase of 15 per cent on a year earlier.

Chief executive Alan Foy said: “The first half of 2018 has seen us continue to grow the business at record levels, in addition to which we are delighted to have recently signed a significant smart meter contract on an exclusive basis with a large independent energy supplier.

“At the heart of this success is the strength and track record of our full end-to-end capability to both install, and subsequently own and maintain, our portfolio of assets.”

He added: “I am delighted with the progress over the last six months and we will continue to invest in our business to capitalise on the domestic smart metering rollout programme.”

Established in 1995, SMS installs, owns and operates gas and electricity meters on behalf of major energy companies. It also has a network of offices in Bolton, Cambridge, Cardiff, Doncaster, Newmarket and Rugby.

Foy added: “The benefits of smart metering remain clear. The introduction of digital technologies, the need to decarbonise our energy usage, and growing energy demand (particularly given the electrification of transport and heat over coming years) have led to a fundamental requirement to not only change how energy is supplied/generated, but also how and when we demand and use it.”