Glasgow-based Smart Metering Systems (SMS) said its 2017 revenue increased 18% to £79.6 million but profit before tax slipped 2% to £18 million in a year of investment to build capacity.

Nonetheless, a final dividend of 3.46p, totalling 5.20p for the full year will represent an increase of 27%.

SMS CEO Alan Foy said: “2017 has been a year of investment in our business — building capacity to grow and deliver for our customers, particularly in the domestic smart meter rollout.

“We enter 2018 with a solid financial platform and are well positioned to continue making progress in our core markets.”