Glasgow’s SMS stays on profit trajectory
Glasgow-based Smart Metering Systems (SMS) has assured investors that it expects underlying profitability and cashflows for the year to be in line with its earlier expectations despite the impact of Covid-19.
The group also announced that it had now completed the previously flagged sale of a minority of its meter assets to Equitix, netting it some £282 million after expenses.
SMS has been at the forefront of the rollout of new smart meters to replace older nonconnected devices though the government-backed programme has faced delays.
Last month, the firm called an end to the installation of smart meters until further notice amid the intensifying coronavirus crisis. It said it would continue to provide full emergency field support and maintain its “extensive” IT infrastructure which supports its existing meter and data asset base.
In its latest update, SMS noted: “Despite Covid-19, the group currently expects underlying profitability and cashflows for [the 2020 full year] to be in line with the board’s earlier expectations.”
Meanwhile, chairman Willie Macdiarmid is to step down from the board immediately following the group’s annual general meeting in June, having served six years in the role.
Miriam Greenwood, the current senior independent nonexecutive director, will succeed Macdiarmid as chairman after the AGM. Graeme Bissett will then become the senior independent non-executive. SMS – heaaded by chief executive Alan Foy – has also appointed Jamie Richards as a non-executive director.