SMS secures new smart meter agreement

Smart Metering Systems (SMS) has landed a new contract with an energy supplier covering tens of thousands of smart meters.

Theglasgow-basedfirmsaid its meter rental agreement with Utilita Energy to provide an opportunity for more than 100,000 meters during 2018 would start immediately.

Under the terms of the agreement, SMS will provide domestic smart meters as part of the UK government programme requiring energy supply companies to offer all of their customers a smart meter in homes and small businesses by 2020.

Alan Foy, the chief executive of SMS, said: “Our new contract with Utilita Energy provides us with the opportunity to support one of the leading independent energy suppliers in Great Britain as they seek to deliver the best service for their energy consumers.

“SMS is well positioned to add these assets into its growing portfolio of owned meters delivered from our established in house installation and asset ownership operations.”

Last September, the group announced a 27 per cent hike in its interim dividend after unveiling higher half-year sales and profits.

The Aim-quoted company, which saw its total gas and electricity meter portfolio swell by more than a third to almost 1.7 million units during the first six months of the year, said shareholders would receive a dividend of 1.74p a share.

It reported a 17 per cent rise in underlying pre-tax profits to £18.1 million for the first half, on revenues 14 per cent higher at £36.8m. 0 Alan Foy – growing portfolio of owned meters