Glasgow-based Smart Metering Systems (SMS) said its revenue rose 25% to £32.3 million and its statutory profit before tax jumped 23% to £9.1 million in the half year ended June 30.

SMS is proposing a 25% increase in interim cash dividend to shareholders of 1.37p.

Alan Foy, chief executive, said: “The numbers exemplify how our integrated business model of developing and expanding recurring gas and electricity meter rental and data services income continues to deliver financial and operational growth. 

 “The first six months have been marked by milestones for the company including reaching over a million utility meter and data assets managed on behalf of a growing customer base of energy suppliers in the industrial and commercial and domestic markets.

“In the domestic smart meter market, we have an initial order book of 300,000 dual fuel domestic smart meters from eight contracted energy suppliers who currently supply energy to approximately two million homes.”

SMS is headquartered in Glasgow and it connects, owns and operates gas and electricity meters on behalf of major energy companies.

The company has a network of offices in Livingston, Cardiff, Cambridge, Bolton, Doncaster, Rugby, and Normanton.

SMS shares rose 2% to 545.5p, giving it a current stock market value of about £488 million.