Smart Metering revenue up 25% to £67.2m; new CFO

SMS CEO Alan Foy

Glasgow-based Smart Metering Systems (SMS) said its 2016 revenue increased 25% to £67.2 million and profit before tax rose 4% to £18.2 million as it completed three acquisitions ahead of a smart meter rollout programme in UK domestic households.

Dividend will be 4.1p for the full year, an increase of 24%.

SMS also said former British Polythene Industries finance director David Harris will join SMS as chief financial officer with immediate effect, replacing Glen Murray who served as CFO since 2011 and is “planning to take up new business opportunities.”

In 2016 SMS completed the acquisitions of CH4 Gas Utility and Maintenance Service Limited (CH4), Trojan Utilities Limited (Trojan) and Qton Solutions Limited (Qton) ahead of the UK’s domestic smart meter rollout programme.

SMS chief executive Alan Foy said: “2016 has been a year of transformation for the business as it grew to over 1.25 million utility metering and data assets under management generating £41.3 million in annually recurring index-linked income.

“The strong financial position has supported three strategic acquisitions, which has delivered a scalable delivery platform with the opportunity to install and own new domestic smart utility meters (gas and electricity) mandated to be installed in every home in the UK over the next four to five years.

“We have seen a strong start to 2017 and are well positioned to continue making progress in our core markets.”

SMS shares edged up to around 600p, giving it a stock market value of more than £530 million.